Cote d’Ivoire, popularly known as the Ivory Coast, is a country in western Africa that boasts a wealth of history, culture, and resources. With a population of over 26 million, the nation is a major economic and trading hub that attracts entrepreneurs and investors from all over the world. The necessity for simple and secure payment methods has grown in recent years alongside the proliferation of internet enterprises across the country.
Increasing Economic Prosperity in The Ivory Coast
One of Africa’s most trending economies is the Ivory Coast. In 2021, the dynamic nation will see a GDP growth of 7.4%, according to the IMF. Many sectors, including agriculture, mining, and services, contribute to the expansion of the national economy.
There has been a rise in the number of internet enterprises in the country in recent years. With the rise in popularity of online shopping, many business owners and financiers have responded by launching their own e-commerce websites. As a result, there has been a rise in demand for convenient, risk-free online payment options.
In rural regions of the Ivory Coast, where there is a dearth of financial institutions, people rely heavily on more antiquated methods of payment, such as cash and checks. Digital payment systems, such as mobile money and cryptocurrencies, have provided companies and customers with more secure and convenient options for conducting financial transactions.
The Available Payment Methods in The Ivory Coast
There are a number of different payment options available to businesses and consumers in the Ivory Coast. Cash, cheques, and electronic payments are just some of the common methods of payment nowadays. Ivory Coast citizens now have access to alternative payment methods such as cryptocurrency in the year 2023.
With an unpredictable banking system, cash remains the preferred means of payment in the Ivory Coast. To save transaction fees and collect money without waiting for confirmation delays, many businesses prefer to be paid in cash. In addition, many customers still prefer paying with cash since they either cannot or do not want to use a bank.
Although cheques are still commonly used in Ivory Coast, their popularity is dwindling as more people switch to using digital payment methods. Checks are typically used for more substantial purchases and sales, such as houses and cars. However, the increasing popularity of faster and more convenient digital payment options has led to a decline in the use of checks due to the lengthy processing time necessary to clear them.
Companies and customers in Ivory Coast with access to banking services have a dependable option for making financial transactions: bank transfers. However, they may take several days to pass processing. Larger payments and transactions between firms or people are often handled via bank transfer.
Currency Transfer Through Mobile Devices
Among the younger generation in the Ivory Coast, mobile money has quickly become the preferred means of payment. As most people in the country now own a mobile phone, mobile money eliminates the necessity for most people to have a bank account in order to make purchases.
Mobile money is gaining popularity as a form of payment for both businesses and consumers because to its safety features, ease of use, and quick transaction processing. Many telecom companies and financial institutions offer mobile money services in the Ivory Coast.
Using a Credit/Debit Card
In recent years, credit and debit card use in the Ivory Coast has increased, notably among retailers selling to tourists and expats. The high cost of transaction fees and the absence of card acceptance infrastructure are preventing the widespread use of credit and debit cards.
The high cost of transaction fees is a factor in the low use of credit and debit cards in the Ivory Coast. The high costs of processing credit and debit card payments are prohibitive for many businesses, especially smaller and medium-sized ones. So, they favour the more affordable payment methods of cash or mobile money.
Digital currencies such as Bitcoin and Ethereum have increased in popularity in the Ivory Coast during the past several years. Cryptocurrencies are a type of digital currency that can be transferred instantly and securely without the need for a bank or other centralised institution. Several shops in Ivory Coast are already accepting cryptocurrency payments, despite the fact that their use is still relatively new there.
Compared to more conventional payment methods like bank transfers or credit cards, the transaction costs associated with cryptocurrency transactions in the Ivory Coast may be more manageable. Compared to bank transfers, which can take several days to settle, cryptocurrency transactions are typically quicker.
Nonetheless, the widespread use of cryptocurrencies in the Ivory Coast faces significant obstacles. Lack of public familiarity with cryptocurrency is a significant challenge. Individuals may find it challenging to acquire and utilise cryptocurrencies due to the current inadequate infrastructure for bitcoin exchanges and wallets.
In spite of these obstacles, the use of cryptocurrencies is projected to continue to increase in the Ivory Coast as more people and companies become used to this new payment method. It is expected that cryptocurrency payments will grow in importance in the Ivory Coast as the underlying technology and infrastructure matures.
The businesses and individuals of Ivory Coast have a number of different payment options to choose from. Every company and customer can find a suitable payment option among the wide variety available. There will be additional advancements in the payment sector that will make it simpler for merchants and customers to do business as the country continues to expand.
The Ivory Coast is making significant progress towards modernising its payment systems, despite the country’s financial infrastructure. Several companies are taking advantage of the new possibilities presented by digital payment methods, since the government has just implemented new regulations to make them more accessible to the general public.
In general, The Ivory Coast is an improving nation that is becoming an increasingly attractive economic and political hub. With so many payment alternatives available, including innovative mechanisms like mobile money and cryptocurrencies, businesses and consumers alike may more readily contribute to the country’s economic prosperity. We may anticipate additional shifts in the payment sector as the country develops further. The alterations will improve the convenience and security of financial dealings.