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Burkina Faso

No Open Banking

This landlocked West African country is one of the least developed in the world.

Burkina Faso’s internet penetration rate stood at 27% in 2022, with mobile connections equivalent to 118% of the total population in January 2022.

36% of adults in Burkina Faso had bank accounts in 2021, leaving 64% unbanked. The 2020  UNDP Human Development Index ranks Burkina Faso as the fourth bottom in the world. The advantages of digital financial use were demonstrated, with mobile money users in Burkina Faso being 3 times more likely to save money for unpredictable events such as health and emergencies, but there is no evidence of a move towards Open Banking.

Burkina Faso 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. 

Burkina Faso ranked 128th out of 134 countries in Wiley’s Digital Skills Global Index 2021