Cote d'Ivoire Banking & Financial Services Q1 2019
In terms of growth opportunities for banking and financial services providers, Cote d’Ivoire presents a highly attractivemarket, as we expect the country’s financial sector to experience an average growth rate of 13.8% in USD nominal terms between2018 and 2022. Given the country’s rising private consumption levels which have already attracted various international companiessuch as Burger King and Heineken, this is also driving increased demand for banking and financial services as more householdsbecome banked. The country’s regulatory environment is also attractive for foreign players as there are few caps on foreigninvolvement in the sector, and the regulatory regime for banks, insurance companies and listed companies is very uniform withCote d’Ivoire’s regional peers via its West African Economic and Monetary Union membership. For this reason, global financial serviceproviders such as VISA and Western Union have set up their West African headquarters in the country. Several downside risks doexist to this positive outlook. These largely include the fact that many Ivorian banks were heavily exposed to the cocoa crisis of2016/2017, and as a result we expect to see loan growth decelerate over 2018 and 2019 and non-performing loans figures to rise.Additionally, the Ivorian political climate remains volatile at best, and as the 2020 presidential elections to approach we expect thisweigh on sector and financial market performance.
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