Ivory Coast: Microfinance sector experiencing strong growth

©Philippe Lissac / Godong

In Ivory Coast, deposits in microfinance institutions (MFIs) increased by 3,47% in 5 years, rising from 72 billion in 2012 to 250 billion FCFA at the end of September 2017, according to figures from the Ministry of Economy and Finance.

This development was accompanied by a growth in outstanding credit over the period, which stood at 250 billion FCFA compared to 57 billion in 2012, reflecting the revival of the sector, which had suffered the repercussions of the decade of crisis that the country experienced between 2002 and 2010. These figures support the results of a study by the Oxford Business Group (OBG) firm, which indicated last June that the MFI client base had more than doubled between 2014 and 2016 to reach 1.17 million accounts with deposits of around 210 billion (end of 2016), an increase of 66.5% over the period.

The microfinance sector is therefore experiencing renewed dynamism in line with the Ivorian economic upturn of recent years. […] With a banking penetration rate of 34% including MFIs, the scope for microfinance development remains significant compared to the levels of 40% in Ghana and 75% reached in Kenya, according to OBG. At the end of March 2017, there were 53 microfinance institutions in Côte d'Ivoire.