Ivory Coast, located in West Africa, has a rich history of abundant resources, and a diverse culture. With a population of over 26 million, it serves as a major economic and trading hub that attracts entrepreneurs and investors worldwide. Over the years, the country has experienced significant economic growth, leading to a rise in the number of e-commerce businesses. This has resulted in many business owners launching their websites, resulting in a surge in demand for safe, convenient, and reliable e-payment options.
Overview of Payments in Ivory Coast
Ivory Coast's economy has remained robust despite the challenges it has faced. The country's growth is largely driven by sustained public investment and strong domestic consumption, resulting in a range of payment options available for businesses and consumers. In addition to traditional payment methods such as cheques and cash, there are newer payment options such as Debit/Credit Cards, Currency Transfer Through Mobile Devices, and Cryptocurrencies. These new payment options provide a safe, convenient, and secure means of collecting money in Ivory Coast. Interestingly, digital payments in Ivory Coast are projected to reach a total transaction value of US$3,571.00m in 2024, and it is expected to show an annual growth rate (CAGR 2024-2028) of 7.79% resulting in a projected total amount of US$4,821.00m by 2028. This growth in digital payments highlights the country's commitment to modernizing its payment options, making it a more accessible and inclusive economy for all. Overall, Ivory Coast's payment landscape offers a variety of options for businesses and consumers alike. With newer payment methods becoming increasingly popular, it is expected to see continued growth and development in the country's economy.
Quick payment facts about Ivory Coast
E-commerce market share: According to a study by Mastercard, 68% of Ivorian consumers have increased their online shopping activities since the onset of the pandemic. The Ivorian e-commerce market share is dominated by the electronics market, which accounts for 26.1% of the total revenue. Hobby & Leisure comes in second with 21.6%, while Fashion follows closely with 19.8%. Furniture & Homeware, on the other hand, accounts for 11.1% of the revenue, while Care Products and DIY contribute 8.4% and 8.1%, respectively. Lastly, grocery products hold the smallest share at 5.0%.
Internet penetration: In 2022, there were approximately 9.94 million internet users in Ivory Coast, which accounted for 36.3% of the population. By 2024, the number of mobile internet users in Ivory Coast is expected to be around 2.35 million, and the number of households with internet access at home is expected to be around 4.01 million.
What is the payment method in Ivory Coast?
Ivorians have adopted online payment methods due to the country's fast-growing businesses and enterprises. However, this does not mean that they have abandoned the traditional payment methods. Apart from paying through cash or cheques, Ivorians can also pay through bank transfers, credit/debit cards, and cryptocurrencies. Hence, many companies in the country have opted for these new payment methods as they believe they are more favorable.
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