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Mobile Money in Ivory Coast: the government controls the flow of money transfers

16/01/2023
Source : ORISHAS FINANCE
Categories: Companies

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The government of Côte d'Ivoire has been controlling the flow of mobile money transfers since January 9. The tax annex to the Finance Law on the State Budget for 2023 contains a measure relating to the extension of the scope of control, which was previously limited only to electronic communications flows from telecommunication/ICT companies since 26 November 2009.

Telecoms operators recorded a total of 13,334,054,197 FCFA (21.9 million USD) from the Mobile Money service, for 20,365,136 subscribers in 2020. The number of users of the service was already 24,746,031 and remained dynamic in the third half of 2022. This is explained by the fact that the authorities keep clear and up-to-date accounts of the volume and value of mobile financial transactions in the country.

In addition, the Ivorian government adopted the draft state budget of 11,494.4 billion FCFA on Wednesday, October 12, 2022. Côte d'Ivoire has made tax efficiency one of its strengths to continue the socio-economic measures under way to further support sectors in difficulty, contain inflationary pressures and consolidate the pace of growth in economic activities, currently from 6.8%, to more than 7% in 2023. This is in a context marked by the slowdown in the pace of growth in global economic growth, mainly linked to the Covid-19 pandemic and the conflict in Eastern Europe.

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