Digital finance was first introduced in Benin in 2015. In the same year, MM4P entered Benin, becoming the primary source of information and support to the nascent digital finance ecosystem.
With a small team, MM4P has supported the two largest mobile network operators, multiple microfinance institutions and several banks. MM4P has also funded and shared market data, conducted trainings on digital finance and worked closely with the central bank, BCEAO (Banque Centrale des Etats de l’Afrique de l’Ouest) , and the Ministry of Finance to support their priorities.
Between 2015 and 2017, active users of digital financial services have grown from 2 to 15%. This momentum is leading mobile network operators to increase investment in digital finance, particularly in expanding their agent networks and access points. Banks are now starting to offer their own solutions, while microfinance institutions have tested mobile collectors for tontine schemes and are looking at partnership opportunities, which are also supported by UNCDF.
Benin adopted a Digital Code in June 2017, which addresses topics related to e-communications, e-tools (archiving, e-signatures, e-stamps), e-commerce, personal data protection, cyber security and the fight against cybercrime, among other topics.
MM4P initiated its work in Benin in partnership with MasterCard Foundation.