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Introduction to IVORY COAST

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Introduction to IVORY COAST Introduction to IVORY COAST Ivory Coast (Côte d’Ivoire) is the largest economy of the West African and Monetary Union (WAEMU), accounting for one third of the region’s GDP. The country has been recovering from more than a decade of political instability, which culminated in the post-electoral crisis in late 2010 - early 2011. During this period, economic growth was almost nil and social indicators deteriorated. Since President Ouattara took office in April 2011, and his re-election in 2015, the situation has improved markedly. Real GDP growth has hovered around 8-10%, supported by the recovery in domestic demand and sound macroeconomic policies. Even in 2017 when the country was hit by a major domestic shock and the sharp drop in world cocoa prices, economic growth remained strong. Future growth potential remains strong. Ivory Coast is the world’s leading producer of cocoa (40% of production), has large untapped mining and probably hydrocarbon resources, and a relatively diversified industrial base by regional standards. In terms of infrastructure, there is also a clear roadmap, which should ensure large-scale investment in the coming years. However, a deepening of reforms will be necessary to maintain high level of economic growth and make it more inclusive. Furthermore, the economy will be hit hard in 2020 by the COVID-19 pandemic. While solid macroeconomic fundamentals and massive assistance from donors will help to cushion the immediate shock, real GDP growth is expected to be less than 2%, which is below the demographic growth. Presidential elections in 2020 will be also a test of political stability as the decision of President Ouattara to finally run for a third mandate is contested by the opposition. As a WAEMU member, Ivory Coast enjoys a solid buffer against balance of payment shocks as the French treasury guarantees the full convertibility of the CFA Franc against the euro at a fixed rate. This also helps to anchor macro stability, with inflation rarely exceeding 3%. Reforms of the CFA Franc are ongoing but the fundamentals of the currency arrangement remain and an enlarged monetary union with other West African countries is a long-term possibility. Furthermore, comfortable FX reserves pooled at the regional central bank, the BCEAO, continue to support the stability of the peg. Summary BNP Paribas presence Created in 1962, BNP Paribas' BICICI is a banking leader, (9.9% market share) with 37 branches across all main cities and provinces, and dedicated cash management and trade finance support. Currency Currency West African Franc (XOF) Exchange Rates 2016 2017 2018 2019 2020 Exchange rate: 593.01 580.66 555.45 585.91 575.59 XOF per USD Sources: World Trade Organisation and IMF, International Financial Statistics, July 2021. Central Bank The Central Bank of West African States (BCEAO – Banque Centrale des États de l’Afrique de l’Ouest (www.bceao.int)) serves all eight West African Economic and Monetary Union (UEMOA – www.uemoa.int) member states, including Ivory Coast. The UEMOA comprises Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Bank supervision The UEMOA's Banking Commission supervises the BCEAO and all member states' banks. The BCEAO defines the regulations to which banks must adhere and ensures the supervision of bank activities. Bank accounts Resident / non-resident status A company is considered resident in Ivory Coast if it is incorporated in Ivory Coast. Bank accounts for resident entities Within Cote d'Ivoire Outside Cote d'Ivoire Local Currency Permitted, not convertible Not permitted Foreign Currency Permitted with restrictions, fully convertible Permitted with restrictions Bank accounts for non-resident entities Within Cote d'Ivoire Outside Cote d'Ivoire Local Currency Permitted, fully convertible Not permitted Foreign Currency Permitted with restrictions, fully convertible Not applicable Lifting fees Percentage-based lifting fees are applied on payments between resident and non-resident bank accounts. BNP Paribas Cash Management Capabilities Liquidity Management Physical cash pooling Notional pooling - Balance compensation Notional pooling - Interest optimisation Supported by BNP Paribas Not required / permitted in IVORY COAST or not supported by BNP Paribas Collections Cash collections Cheque collections Direct debit collections Domestic incoming transfers Virtual IBAN Virtual accounts International incoming transfers Card acquiring Supported by BNP Paribas Not required / permitted in IVORY COAST or not supported by BNP Paribas Payments Cash withdrawals Cheque payments Direct debit payments Domestic outgoing transfers Commercial cards Virtual cards International outgoing transfers SWIFT gpi Real-time international payments through BNP Paribas' network Card issuing Supported by BNP Paribas Not required / permitted in IVORY COAST or not supported by BNP Paribas Channels Local e-Banking Global e-Banking - Connexis SWIFT/ host to host Supported by BNP Paribas Not required / permitted in IVORY COAST or not supported by BNP Paribas Payments & Collections Market overview Cash remains the preferred method of payment in Côte d’Ivoire, but the use of digital payments, in particular mobile payments, is rising. The Côte d’Ivoire has a mobile penetration rate of 139.1% and more than 16 mobile money account providers. The BCEAO is also actively promoting the use of electronic payments: for example, in April 2021, it launched a regional quick response code (QR Code). Electronic banking services are available from the leading commercial banks in Côte d’Ivoire. There is no national electronic banking standard in Côte d’Ivoire, so companies use banks’ proprietary services. Online and mobile banking services are available. In July 2020, Orange launched Orange Bank Africa, a digital bank. It had over 500,000 users by end April 2021. Payment systems STAR-UEMOA Type • Real-time gross settlement. Participants • 138. Transaction types • High-value and urgent XOF-denominated credit transfers. processed • Net obligations from SICA-UEMOA and GIM-UEMOA. Operating hours • 08:00–17:20 GMT Monday to Friday. • Same-day settlement. Cut-off time = 09:00 GMT. • Final net settlement takes place across participant banks’ Clearing cycle details accounts held at the BCEAO from 12:00–12:30 GMT. (cut-off times) • Cheque payments, direct debits and bills of exchange are typically processed within two days via electronic clearing and the exchange of scanned images. • STAR-UEMOA is closed on all Côte d’Ivoire bank holidays. • Côte d’Ivoire bank holidays are: • 2nd half 2021: 7, 15 August, 19* October, 1, 15 November, 25 System holidays December. • 2022: 1 January, 10, 22* April, 1, 18, 29 May, 29 June*, 7, 15 August, 27 September*, 1, 15 November, 26 December. SICA-UEMOA Type • Multilateral deferred net settlement system. Participants • 146. • Low-value and non-urgent XOF-denominated credit and debit Transaction types payments, cheques and bills of exchange. processed • There is a maximum value threshold of XOF 50 million for credit transfers. Operating hours • 08:00–11:00 GMT Monday to Friday. • Same-day settlement. Cut-off time = 09:00 GMT. • Final net settlement takes place across participant banks’ Clearing cycle details accounts held at the BCEAO from 12:00–12:30 GMT. (e.g. cut-off times) • Cheque payments, derict debits and bills of exchange are typically processed within two days via electronic clearing and the exchange of scanned images. • SICA-UEMOA is closed on Côte d’Ivoire bank holidays. • Côte d’Ivoire bank holidays are: • 2nd half 2021: 7, 15 August, 19* October, 1, 15 November, 25 December. • 2022: 1 January, 10, 22* April, 1, 18, 29 May, 29 June*, 7, 15 August, 27 September*, 1, 15 November, 26 December. System holidays * The date shown may vary by plus or minus one day. These dates are derived by converting from a non-Gregorian calendar (e.g., Muslim or Hindu) to the Gregorian calendar. Some of these dates cannot be determined in advance with absolute accuracy, even by the governing authorities. In the case of Muslim dates in particular, the feast days are determined by the sighting of a new/full moon. GIM-UEMOA Type • Multilateral deferred net settlement system. Participants • 28 from Côte d’Ivoire. Transaction types • Card payments between participants. processed Operating hours • 24 hours a day, 7 days a week. • Participant banks connect to the GIM-UEMOA platform via the Clearing cycle details private Very Small Aperture Terminal (VSAT) network. (e.g. cut-off times) • Final net settlement takes place across participant banks’ accounts held at the BCEAO at 16:00 GMT. System holidays • GIM-UEMOA operates 365 days a year. Credit transfers Credit transfers are available as both paper-based and electronic payment instruments. High-value and urgent XOF-denominated credit transfers are cleared and settled via STAR-UEMOA. In 2020, the number of transactions processed by STAR-UEMOA was 1,495,501, with a value of XOF 655,868 billion, an increase of 23.48% and 5.65% respectively. Low-value and non-urgent XOF-denominated credit transfers are processed by SICA-UEMOA. In 2020, 18,922,429 transactions were processed, with a value of XOF 53,813 billion, an increase of 20.76% and 4.32% respectively. Direct debits Preauthorised direct debit services are available from Banque Atlantique. Interbank direct debit services are not available. Direct debits are processed within two days via SICA-UEMOA. Cheques The cheque is a popular cashless payment instrument, used by both consumers and companies. In 2020, cheques accounted for 40% of the total volume of payments processed via SICA-UEMOA, a fall of 11.79%, and 76% of the value, a 2.8% decline. Cheque payments are processed within two days via SICA-UEMOA. Card payments The use of payment cards in Côte d’Ivoire is increasing. Visa-branded debit cards are issued by all the country’s leading commercial banks. SGBCI issues its own Carte Éclaire debit card; Ecobank issues a proprietary Pan-African Card (available in 36 African countries); Bank of Africa issues the Sesame debit card; and BNI issues the Eburnie Bronze debit card.
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