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Financial inclusion

Financial inclusion is generally defined as the provision of financial services tailored to populations excluded from the traditional financial system, under sustainable conditions for both providers, who are legally recognized, and beneficiaries. In the West African Economic and Monetary Union (UEMOA), it is equated with "the permanent access of populations to a diverse range of adapted financial products and services, at affordable costs and used effectively, efficiently, and responsibly."

These financial services or financial inclusion products, which include payment, savings, credit, and insurance services, must be adapted, affordable, and provided responsibly. In the context of the fight against Money Laundering and Terrorist Financing (AML/CFT), a "financial inclusion product" refers to any financial product or service that meets the following three criteria:

  • aims to increase access for disadvantaged groups in society to financial services;
  • has (or is likely to have) a low level of AML/CFT risk;
  • is (or is likely to be) exempt from AML/CFT controls or subject to simplified AML/CFT controls.

The entire ecosystem of financial inclusion consists, on one hand, of regulatory and supervisory authorities, and on the other hand, of institutions such as banks, insurance companies, Decentralized Financial Systems (SFD), and Electronic Money Issuers (EME), which are responsible for designing and marketing financial inclusion products.

Within the framework of regional and national financial inclusion strategies, the spearheads of these strategies are the SFD and the EME.

These financial institutions operate within a framework composed of sub-regional and national bodies.

  • At the sub-regional level:

There is no specific institution dedicated to promoting financial inclusion. However, the Central Bank of West African States (BCEAO) undertakes actions to promote financial inclusion in West Africa.

  • At the national level:

There are bodies responsible for the regulation or promotion and development of financial inclusion, mostly under the Ministry of Economy and Finance:

  • The Agency for the Promotion of Financial Inclusion in Côte d'Ivoire (APIF-CI), created on May 30, 2018, by decree n°2018-508, has the essential mission of promoting financial inclusion in Côte d'Ivoire through the coordination and supervision of the interventions of national actors and technical and financial partners. It is also responsible for collecting statistical data on financial inclusion and monitoring and evaluating actions aimed at improving access to financial services and their use by populations. APIF-CI is also tasked with implementing the National Financial Inclusion Strategy (SNIF) 2019-2024 adopted by the Government on May 15, 2019. This strategy is based on five (5) strategic axes: (1) improving access to financial services for vulnerable and excluded populations, (2) promoting digital finance, (3) protecting clients and financial education, (4) evolving, adapted regulation and more effective supervision, and (5) a favorable fiscal framework and policies for financial inclusion.
  • The Directorate of Regulation and Supervision of Decentralized Financial Systems (DRSSFD) is the technical structure responsible for controlling and supervising the microfinance sector. Its mission includes processing applications for licenses.
  • The Directorate of Insurance (DA) regulates the insurance sector in accordance with the regional regulatory framework established by the Regional Insurance Control Commission (CRCA).
  • The National Financial Information Processing Unit (CENTIF) is an agency combating underground financial circuits, money laundering, and terrorist financing.
  • The Telecommunications/ICT Regulatory Authority of Côte d'Ivoire (ARTCI) is responsible for regulating the telecommunications/ICT sector and developing the digital economy. However, the regulation of financial flows generated by electronic money issuers falls under the BCEAO.
  • The APSFD-CI: Professional Association of Decentralized Financial Systems of Côte d'Ivoire is a structure for the supervision and promotion of the microfinance sector in Côte d'Ivoire, grouping institutions of microfinance approved by the Ministry of Economy and Finance. Its general objective is to serve as an interface between microfinance institutions in Côte d'Ivoire and all partners (State, donors).
  • The ASA-CI: Association of Insurance Companies of Côte d'Ivoire has as its main missions the defense of the common interests of its members; the collection of all useful information for member companies; and the development of proposals for the formulation or revision of pricing.

Furthermore, Côte d'Ivoire adopted a financial education program on February 26, 2020, focused on enhancing the skills of low-income populations to prepare them to access financial services and use them wisely.