West Africa’s financial landscape is rapidly digitizing. Mobile money has exploded – ECOWAS countries now have ~290 million registered mobile-money accounts (fastest-growing region globally) , and UEMOA (WAEMU) saw 110 million new mobile-money accounts from 2018–2022, lifting financial inclusion from 56% to 71% . Yet traditional banking remains shallow – only 45% of West African adults have a bank or mobile account . For example, in Mauritania just 30% of adults have bank accounts , while in Senegal fintech Wave achieved nearly 90% mobile wallet penetration , signaling consumers’ shift to mobile-first services.
Regulators are building modern payment rails: the BCEAO’s STAR-UEMOA (RTGS) and SICA-UEMOA (interbank clearing) systems and new 2024 payment services regulations emphasize digital channels . Senegal and Côte d’Ivoire have national financial inclusion strategies (2022–26 NFIS in Senegal ; SNIF in Côte d’Ivoire) promoting mobile payments via Orange Money and Moov Money . In Gambia, mobile wallets (Africell Money, QMoney, GTBank GMoney) are ubiquitous – rural Gambians rely on mobile money in lieu of banks – and a new national EFT switch is integrating banks and wallets . Even central banks are digitizing: in 2024 Mauritania’s central bank began piloting a digital Ouguiya (CBDC) to drive financial inclusion .
Key regional stats: Mobile money contributes ~5–8% of GDP in leading markets (e.g. Senegal, Ghana) . Card payments remain low – global payments giants note that “across Africa…cards are a fraction” of usage – underscoring that mobile/electronic channels dominate. Telcom providers have become de facto banks under BCEAO’s e-money framework (2006) . These trends set the stage for BII: a white-label banking platform that leverages mobile, card, and bank integrations to capture the huge unbanked population and modernize legacy banks and telcos.
### Financial Institutions (Banks & Fintechs)
- Who: CEOs/CTOs/CIOs and heads of digital transformation at mid-to-large regional banks or licensed fintech banks across Mauritania, Senegal, Mali, Benin, Togo, Burkina Faso, Côte d’Ivoire, Gambia.
- Demographics/Psychographics: Tend to be risk-aware, target-driven, and constrained by tight budgets and legacy systems. They value compliance, stability, and measurable ROI. They often convene with regulators and fintech peers, attending regional banking summits.
- Daily Routine: Reviewing branch and mobile channel performance, meeting with IT teams about digital projects, tracking regulatory deadlines, and benchmarking competitors. They read industry reports (e.g. BCEAO publications, GSMA) and often face pressure to launch new products quickly.
- Pain Points: Outdated core-banking systems, high cost of modernization, manual processes (e.g. KYC, reconciliation), slow roll-out of digital products, and difficulty reaching rural/unbanked customers. For example, Mauritanian banks struggle to serve remote clients (only 30% nationally are banked ). They also face rising competition from mobile-first players (e.g. Wave in Senegal ) and must meet stricter compliance (BCEAO guidelines on AML/KYC).
- Goals: Rapidly expand retail and SME customer base, comply with financial inclusion mandates, launch digital services (mobile banking, payment apps, cards) and cut operating costs. They aim to tap unbanked segments and grow deposits/transactions.
- Current Processes: Rely heavily on physical branches and ATMs; use multiple siloed IT systems (core banking, mobile banking, ATM switch) that don’t interoperate smoothly. Customer onboarding is often in-person and paper-based, causing delays. Partnerships with telcos for mobile money exist, but data exchange is limited.
- Motivations: Government/central bank pushes for digital payments (e.g. instant payment systems, CBDCs) , investor/board demands for growth, and fear of losing customers to fintech disruptors. They want proven solutions that ensure security and compliance.
### Telecom Operators (MNOs)
- Who: Fintech or financial services leads at mobile network operators (e.g. Orange, MTN, local carriers). Also regional telcos looking to launch or expand mobile money/banking.
- Demographics/Psychographics: Generally more aggressive about innovation and new revenue streams. They understand tech partnerships but need banking expertise. Driven by market share and ARPU growth, they are used to fast-paced product launches.
- Daily Routine: Overseeing large mobile subscriber bases, evaluating new services to offer (loans, insurance, remittances), and engaging with financial regulators on licensing. They monitor MNO competitors’ mobile money uptake and plan network expansion.
- Pain Points: Lack of a robust, flexible banking infrastructure. Current mobile money systems are often proprietary (USSD/code-based) and don’t scale for advanced services. Integrating with banks is complex and fragmented (as seen in Gambia, where operators and banks use a new EFT switch to bridge gaps ). Regulatory barriers (licensing, CBN/BEAC regs) slow product rollout. There’s also pressure to retain customers in saturated telco markets by offering value-added fintech services.
- Goals: Launch full-fledged banking services (digital wallets, debit/credit cards, API payments), diversify revenue, and deepen customer engagement. They aim to leverage telecom infrastructure (SIM-based ID, USSD reach) to serve the unbanked efficiently.
- Current Processes: Most offer basic mobile money (e.g. Airtel Money, MoMo) with limited interoperability. Customer onboarding may be simplified (SIM+ID), but back-end operations (settlement, liquidity management) still rely on partner banks. Telco teams often use separate CRM/billing systems that do not connect to banking systems.
- Motivations: The success of mobile-money-first players (Wave’s 90% penetration in Senegal ) shows the power of telco-fintech synergy. Governments encourage telcos’ financial services to accelerate inclusion. Telco executives seek solutions that quickly turn telecom infrastructure into banking products, without building banks from scratch.
| Customer Pain | BII Value Proposition |
|---|---|
| Limited reach to unbanked rural customers. National banked rates are very low (e.g. 30% in Mauritania ). | Expanded Financial Inclusion: BII enables remote account opening via mobile app or USSD (as Bankily did ), extending banking to remote users. |
| Fragmented payment systems. Banks and mobile-money wallets operate in silos (e.g. Gambia’s banks and MMOs are being united only by a new switch ). | Unified Platform: BII’s core unifies ledgers for accounts, mobile wallets, and cards, much like a national EFT switch, ensuring seamless transactions across channels. |
| Slow digital transformation. Legacy cores hamper new product launches and integrations. | Agile, Modular Architecture: White-label, API-driven modules let banks/telcos roll out new services (mobile banking, e-wallets, cards) rapidly, reducing IT complexity. |
| Regulatory & compliance burden. Staying current with BCEAO/CBN e-money and payment regulations is difficult . | Compliance-Ready: BII includes built-in KYC/AML workflows and consumer-protection features aligned to regional regs , lowering compliance overhead. |
| Customer experience gaps. Outdated interfaces and manual processes frustrate users used to fintech apps. | Modern UX & Features: Mobile-first design with real-time analytics and 24/7 availability improves satisfaction and adoption (agents/SIM-based ID simplify access ). |
| High TCO of in-house builds. Building/upgrading core systems is costly and time-consuming. | Cost Efficiency: BII’s white-label solution reduces CapEx and maintenance. Shared infrastructure and expert support yield faster ROI and scalability. |
By addressing these observations, BII messaging resonates with their needs: “accelerate innovation safely,” “reach the unbanked,” and “stay ahead of regulation.”