E-money boom continues in WAEMU, fraud down

#Ivory Coast : Electronic money transactions reached a total amount of 35,649.93 billion CFA francs (more than 53.6 billion dollars) during the second half of 2021, up 39.99% compared to the previous half.

The number of electronic money operations within the West African Economic and Monetary Union (UEMOA) reached 2.97 billion for a value of 35,649.93 billion CFA francs (more than 53.6 billion dollars) during the second half of last year. This is what emerges from the half-yearly report of the Central Bank of West African States (BCEAO) on payment means and services at the end of December 2021, published on September 19, 2022.

In comparison with the first half of 2021, the volume of electronic money transactions in the WAEMU zone thus increased by 22.73%, while their value increased by 39.99%, continues the report, which attributes this increase during the end-of-year celebrations and the price reductions made by market players.

In detail, at the level of national operations, that is to say intra-country, the BCEAO report reports 2.96 billion transactions for a value of 34,847.87 billion CFA francs. This amount represents 97.75% of the total value of operations. It should be noted that these transactions mainly relate to first-generation services, such as telephone top-ups, withdrawals/deposits, merchant and bill payments, national transfers, etc., as well as second-generation services, i.e. micro-insurance. , credits and digital savings offered by banks, DFS and insurance companies.

As for WAEMU inter-country transfers, they reached a volume of 14.63 million for a value of 755.56 billion CFA francs (2.12% of the total value of operations), while 732,243 transactions a value of 46.49 billion CFA francs concerned the receipt of international funds on electronic money accounts. It should be noted that Burkina Faso and Côte d’Ivoire are respectively the main receiver with 53.06% of the total value of transactions and the main sender with 62.19% of the total value of transactions.

Breakdown by country of the value of intra-UEMOA outgoing and incoming transactions at the end of December 2021.
© Copyright: BCEAO

In terms of fraud on electronic money transactions, 310,274 cases were identified for a value of 1.07 billion CFA francs in the second half of 2021 compared to 635,435 cases valued at 1.06 billion CFA francs at the end of June 2021. This is a decrease of 51.17% in volume and an increase of 1.00% for stocks. Fraud cases mainly concerned: customer scams via OTP code, customer scams following a deposit error, customer scams via merchant payment, customer scams via E-commerce, and scams points of sale (POS) through the use of counterfeit banknotes.

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