Mobile Money in transition : towards the era of digital banking in Côte d’Ivoire

By Fabrice Zagbayou*

Mobile money is changing its face in Côte d’Ivoire.

Remember… a few years ago, all it took to disrupt the market was a simple prepaid card or a low-cost transfer service. Wave broke the rules with free deposits and unbeatable fees. Djamo democratized card access for everyone. Orange Money and MTN massively banked previously excluded populations.

The simple business of transfers or cards is no longer enough

But today, the game is being played elsewhere.

Wave has taken a major step forward with the creation of Wave Bank Africa S.A., with a capital of 20 billion FCFA. Orange Money has evolved into Orange Bank. MTN Mobile Money has transformed into Bridge Microfinance. Djamo has obtained a microfinance license.

The message is clear: the simple business of transfers or cards is no longer enough.

Actors now aim to offer credit, savings, investment, merchant financing… in short, full digital banking services.

Opportunities are greater – because the future of African banking will be mobile

For us, investors and ecosystem builders, this means two things:

• Barriers to entry are higher – minimum capital, licensing, strict regulation.
• Opportunities are greater – because the future of African banking will be mobile.
• Are we witnessing the end of mobile money as we knew it, and the beginning of the era of mass digital banking?

History is being written before our eyes: a convergence between fintechs and banks. In Côte d’Ivoire, the pieces of the puzzle are quickly falling into place.

Open question: are we witnessing the end of mobile money as we knew it, and the beginning of the era of mass digital banking?

*Fabrice Zagbayou is a venture capitalist and fintech expert with over 15 years of experience in strategy and innovation. He contributes to the development of African startups.