The use of USSD codes are no longer the exclusive reserve of banks in Cote d’Ivoire. The country’s council of ministers has adopted a guideline relating to the access and exploitation of the USSD (unstructured additional service data) codes of mobile operators. With this reform, USSD transfer codes will now be open to all actors in financial services, including fintech startups in the country.
Here Is All You Need To Know
- The council also specifies that this order is part of the implementation of the National Strategy for Financial Inclusion (SNIF).
- With this reform, mobile network users in Cote d’Ivoire will no longer have restrictions in their financial transactions with recipients affiliated with the same service provider as them.
- Through the SNIF, Cote d’Ivoire seeks the digitization of the country’s financial flows , with the aim to bring into operation all existing platforms as well as digitize 80% of government financial flows and supported by the Central Bank of West African States (BCEAO).
- According to analyses revealed by the Ivorian government, electronic transactions in the country have been growing since 2017. Today, digital finance, it says, affects around 44% of the adult population, who are largely in rural areas, and who have never used financial services whether formal and informal.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com