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No Open Banking

A country in West Africa with a thriving mobile money market.

Benin’s internet penetration was 29% in 2022, with mobile connection numbers equivalent to 92% of the population.

49% of adults in Benin had bank accounts in 2021, leaving 51% unbanked. The environment of high mobile phone usage (with 83.6% of the population with a mobile) but low internet penetration, has allowed mobile money markets to thrive, particularly since e-money issuer licences were given regulation in 2017. The percentage of adults with an active, registered digital financial account moved up from 2% in 2015 to 40% in 2019. The UN Capital Development Fund (UNCDF) noted this dramatic growth of the digital ecosystem as a good indicator for financial inclusion in the future, wanting to increase training for services for marginalised communities such as women, SMEs and young people.

Benin is served by the Central Bank of West African States (CBWAS), with other nations sharing the West African CFA currency. CBWAS has adopted a regional financial inclusion strategy, yet its measurement is still under discussion. 

Benin ranked 113th out of 134 countries in Wiley’s Digital Skills Global Index 2021