Benin has achieved a remarkable financial inclusion rate of 92.8% in 2025, securing its position as the leader in the West African Economic and Monetary Union (UEMOA). According to the annual report of the Central Bank of West African States (BCEAO), Benin surpassed its neighboring countries, including Togo and Côte d'Ivoire. The report highlights the country's significant progress in promoting financial accessibility to its citizens.
Togo ranks second in the UEMOA with a financial inclusion rate of 90.7%, followed closely by Côte d'Ivoire at 88.7%, and Senegal at 88%. Other member states, including Burkina Faso and Guinea-Bissau, recorded rates of 81.8% and 79.5%, respectively. In contrast, Mali and Niger reported lower rates, with 61.9% and 26.2%, respectively. Despite the disparity, Niger demonstrated notable progress, with an increase of 8.7 percentage points.
The BCEAO attributes the overall growth in financial inclusion to strengthened partnerships between banks and electronic money issuers. The development of interoperability services, particularly transfers between bank accounts and mobile wallets, has facilitated transactions between these systems. The "wallet-to-bank" and "bank-to-wallet" mechanisms have contributed significantly to the increased use of electronic money, especially in Niger.
The trend of growing financial inclusion is evident across the UEMOA, with moderate progress observed in other member states. Mali recorded a 3.3 percentage point increase, followed by Benin with 3 points, Senegal with 2.2 points, Burkina Faso with 2.1 points, and Côte d'Ivoire with 2 points. These advancements are largely driven by the expansion of digital financial services and collaborations between public and private stakeholders.
The UEMOA's financial inclusion rate continues to surpass the average of sub-Saharan Africa, driven by the development of digital financial services and strategic partnerships. The region's efforts to enhance financial accessibility have yielded positive results, with Benin leading the way. The country's success can be attributed to its effective implementation of policies and initiatives promoting financial inclusion.
The growth of mobile money has played a crucial role in driving financial inclusion in the UEMOA. The increased adoption of electronic money and mobile wallets has enabled citizens to access financial services more easily. This trend is expected to continue, with the BCEAO monitoring the progress of its member states and providing support to enhance financial inclusion.
As the UEMOA continues to make strides in financial inclusion, the region is expected to witness further growth and development. The collaboration between banks, electronic money issuers, and governments will be essential in sustaining this momentum. With Benin leading the way, other member states can learn from its success and work towards achieving similar results.
Key points
- Benin's financial inclusion rate reached 92.8% in 2025, the highest in the UEMOA.
- The UEMOA's financial inclusion rate surpasses the average of sub-Saharan Africa.
- Mobile money and digital financial services have driven the growth of financial inclusion in the region.
