Coris Bank International, a Burkina Faso-based banking group led by Idrissa Nassa, has launched its e-money service Coris Money through its Togolese subsidiary Coris Bank Togo.
The launch of the e-money service is part of the company’s efforts to drive financial inclusion in West Africa through the deployment of cutting-edge mobile payment technology.
The move comes nearly eight months after the Burkinabe-based banking group announced plans to launch the e-money service as part of an effort to leverage its 558,113 e-wallet users and deliver value from its digital transformation strategy.
Coris Money, the bank’s e-money service, will allow customers and non-customers to deposit and withdraw money using their phones.
Users with or without an active account with Coris Bank Togo will be able to withdraw and deposit cash, make local and international transfers, and pay their bills using the bank’s existing e-transfer app, which has been tested in Burkina Faso since 2018.
Alassane Kabore, managing director of Coris Bank Togo, stated that, “beyond its innovative aspect,” the introduction of Coris Money in Togo is Coris Bank’s contribution to the Togolese authorities’ financial inclusion policy.
As it moves to leverage electronic devices to facilitate transactions for users, the new service is expected to strengthen Coris’ regional position and deepen its activities in Togo and other Francophone African countries.
According to Coris Bank Togo, Coris Money had 15,000 users in the pilot phase of the e-money service, and the leading financial services group expects this figure to surpass 35,000 by the end of the year.
Coris Bank International is a financial services group based in Burkina Faso, with active operations throughout Francophone Africa.
The pan-African banking group has active subsidiaries in Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and now Guinea-Bissau, in addition to its home country of Burkina Faso.
Under Nassa’s leadership, the bank has evolved into a central player in the West African financial services industry, having built its development strategy around a unique industrial model tailored to the specificities of its areas of presence.
CBI presently has a market capitalization of XAF275 billion ($433 million), making it one of the most capitalized banks on the Bourse Regionale des Valeurs Mobilieres.
The bank’s diverse operations in the UEMOA have resulted in a balance sheet value of XAF4.75 trillion ($8.4 billion).