Gabon Payments in 2020 reach $624 million (+666%)

(Ecofin Agency) – Unlike the rest of the Cemac space, which has shown some delays in developing mobile money, Gabon has won very early on with this revolution. 43% of the population over the age of 15 had an account there in 2017.

According to a recent report by the International Monetary Fund (IMF) on the new program with Gabon, it appears that the country has seen the volume of mobile money payments double six in 2020, due to Covid-19

“To overcome the obstacle of not having physical bank branches in certain regions, the authorities allowed the development of mobile money. In the wake of the Covid-19 pandemic, the volume of mobile money payments doubled by six in one year, from 55 billion CFA francs in 2019 to 353 billion CFA francs [624,2 millions $, Ndlr] in 2020 ”, Learn from the report. Indeed, due to the epidemic, many services (paying bills, salaries and other services) are increasingly being provided by mobile money transfer.

This volume of mobile payments could grow even more in 2021, because the Gabonese authorities want to digitize payment methods in stores. To this end, the working group responsible for design “A plan to spread the means of payment (electronic money, electronic banking services, etc.) within shops and companies” Last April by Commerce Secretary Hughes Mbadinga Madea and his colleagues Nicole Jenin Roboti of Economics and Gisele Akog of Digital Economy.

The government therefore wants to seize the opportunity of the current health crisis associated with Covid-19 to accelerate the transition to electronic payment. Any crisis is always a carrier of opportunities. Also, as harsh as it is, the current health crisis should lead us to rediscover ourselves.” Hughes says Mada Madinga.

However, note New GabonThe challenge will be the adoption of these payment methods by businesses and companies that are generally accustomed to handling cash.

SA

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