Fintech & sustainability driving financial inclusion in West Africa

Côte d'Ivoire has positioned itself as a leading FinTech hub in West Africa, spearheading financial inclusion initiatives with the support of technology and sustainability. The African Continental Free Trade Area (AfCFTA) has been a driving force behind the increased investment and innovation in the FinTech sector, expanding access to financial services across the region. In a recent interview with CNBC Africa, Selma Ouiguini, the CEO of PUSH Côte d'Ivoire, shed light on the opportunities and challenges of leveraging FinTech and sustainability to promote financial inclusion in West Africa. PUSH Côte d'Ivoire is committed to simplifying finance for everyone, ensuring that individuals, irrespective of their background or location, can access the necessary financial tools for growth. Through a strategic partnership with the Ivorian government and the COCOA board, PUSH Côte d'Ivoire has developed a traceability system that integrates the PUSH mobile account for over a million farmers. This initiative enables farmers to securely manage their revenues, build their financial history, and receive financial education while also aiding Côte d'Ivoire in meeting international sustainability standards. Ouiguini highlighted several key challenges faced by startups in the FinTech sector, including the scarcity of talent in specialized technical fields such as cybersecurity, blockchain, and data science. To overcome this challenge, PUSH Côte d'Ivoire collaborates with global tech companies to upskill its team and attract international talent. Additionally, funding remains a major hurdle for startups in the region, with initiatives like the African Gate to Growth Forum playing a crucial role in connecting local startups with global investors and resources to facilitate growth. In terms of technology driving inclusive financial solutions for underserved communities, Ouiguini emphasized the importance of accessibility and cost-effectiveness. The Push mobile account is designed to be accessible to anyone with a mobile phone, offering a user-friendly app and a USSD command feature for basic phones. With over 3,000 Push point of sales locations, customers can easily conduct various financial transactions. Moreover, the provision of a free virtual Visa prepaid card enables the Ivorian population to access global services such as e-learning and e-commerce. Partnerships play a pivotal role in advancing financial solutions in Africa, with private-public partnerships serving as catalysts for innovation and growth. PUSH Côte d'Ivoire leverages partnerships with entities like the National Post Office and the government to expand its network of Push Point of Sales and co-create regulatory frameworks that ensure customer safety and foster innovation in the FinTech sector. As the FinTech landscape continues to evolve in West Africa, collaborations between startups, investors, and tech players will be instrumental in driving financial inclusion and sustainable development across the region.