Burkina Faso-based financial services group Coris Bank International (CBI) looks set to launch its e-currency in Togo, as it moves to boost cross-border transfer and financial inclusion in West Africa through cutting edge technology.
CBI, a financial services group founded by Burkina Faso banking tycoon Idrissa Nassa, is one of the leading banking groups in the country, with active operations across Francophone Africa.
The group maintains active operations at home and through subsidiaries in Cote d’Ivoire, Mali, Togo, Senegal, Benin and Niger, with nearly 1,500 employees with pan-African ambitions.
In 2020, the bank opened three new agencies in Burkina Faso, a decision that saw its number of branches increase to 55, making it the largest banking group in the country.
The e-currency, which is tagged Coris Money, will see the group leverage its 558,113 e-wallet users and deepen its digitization strategy as it moves to enable cross-border transfers for users.
Information gathered by Billionaires.Africa revealed that the bank’s existing e-transfer app, which has been tested in Burkina Faso since 2018, will enable users with or without an account at CBI Togo to withdraw and deposit cash, make local and international transfers and pay their bills.
The initiative is expected to strengthen Coris’ regional position and deepen its activities in Togo and other countries in Francophone Africa as it moves to leverage electronic devices to facilitate transactions for users.
Since Nassa founded CBI nearly 13 years ago, it has grown the value of its deposits and assets to FCFA1.012 trillion ($1.74 billion) and FCFA1.57 trillion ($3.5 billion), respectively, as of Dec. 30, 2020.
Meanwhile, its loan book and net income rose to FCFA847.1 billion ($1.48 billion) and FCFA34.4 billion ($59.4 million), respectively.