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Industry Landscape
The African banking sector, particularly in West and Central Africa, is experiencing significant growth driven by increasing financial inclusion, digital transformation, and a rising middle class. Traditional banks are facing competition from FinTechs but are adapting by investing in digital infrastructure and mobile banking solutions to cater to a digitally literate population. Focus on SME financing and diaspora remittances remains crucial for market expansion and economic development.
Total Assets Under Management (AUM)
Total Banking Assets in Burkina Faso
~XOF 6,000 billion
(15.0% CAGR)
- Driven by increased deposits and credit growth.
- Supported by government initiatives for financial sector development.
- Reflects growing economic activity and financial deepening.
Total Addressable Market
10 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-powered Personalized Banking
Leveraging artificial intelligence and machine learning to offer tailored financial products, proactive advice, and hyper-personalized customer experiences, optimizing engagement and retention.
Blockchain for Cross-border Payments
Utilizing distributed ledger technology to enable faster, more secure, and cost-effective international remittances and inter-bank settlements, particularly beneficial for diaspora and trade finance.
Open Banking APIs
Implementing standardized Application Programming Interfaces to allow secure data sharing between banks and third-party providers, fostering innovation in financial products and services.
Impactful Policy Frameworks
Regulation on Payment Services (WAEMU, 2018)
This regulation, enacted by the West African Economic and Monetary Union (WAEMU), governs payment service providers, electronic money institutions, and mobile money operations to enhance security, transparency, and consumer protection.
It formalizes and standardizes the rapidly growing mobile and digital payment landscape, requiring banks to adhere to stricter operational and security protocols while fostering a more competitive environment for digital financial services.
Data Protection Law (Burkina Faso, 2018)
Burkina Faso's Law No. 010-2018/AN on the Protection of Personal Data, enacted in 2018, aligns with international standards for data privacy, regulating the collection, processing, and storage of personal information.
Coris Bank International must ensure robust data security measures and transparent data handling practices, increasing compliance costs but also building customer trust in its digital services.
Financial Inclusion Strategy (Burkina Faso, ongoing)
The government of Burkina Faso continues to implement a national financial inclusion strategy aimed at increasing access to financial services for underserved populations, particularly in rural areas and for SMEs.
This policy encourages Coris Bank International to develop innovative and accessible products for unbanked and underbanked segments, potentially leading to new market opportunities and increased outreach.
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