Benin's ICT sector explosion

The Republic of Benin’s population is faced with very few bank accounts, as financial education sessions are multiplying through fairs that combine finance and technology.

With the explosion of the ICT sector and the development of mobile financial services, banking is becoming more accessible, this is what this Bank Director, Armel Allavo who participated in the Fintech exhibition in the capital, Cotonou believes.

“The mobile-phone penetration rates in Benin today is over 80%. So by offering financial services through this channel, we are sure to be able to reach people even in the remotest areas of the country. This is what motivated the development of some solutions with the advent of technology to facilitate the provision of financial services via digital channels.’‘ he said.

Throughout Africa, banking innovation is a new space for start-ups to conquer but there is still a long way to go.
Financial inclusion is now one of the objectives of sustainable development. Donors, governments and technical and financial partners are working to achieve this objective.

“We were at 2% technology use. Today, with BCEAO data, we are at 17%. The program started in 2016, so I think there was a plus. We have the state that created the conditions, but with the partnership with OTECHs, FINTECHs, and institutions that are able to collect savings it has made it possible to have these results today,” said MicroLead Program Consultant,Madinatou Ahounou.

“Start-ups have very good ideas, very good projects, innovative projects. The problem is that they often have difficulty implementing them because they are not very well supported. The State, governments and institutions must support these start-ups to create champions who will become digital champions in the future,” said Samba Sow from Sudpay, Senegal.

With the dicentralization of banking services in the digital age, today, just over 17% of Beninese are using technological innovations and as a result, several start-ups haven been created.

Financial inclusion is now one of the objectives of sustainable development. Ensuring that ICT innovations benefit all, including the most disadvantaged, which is the major challenge facing African states.