Mansa Bank Bets on Digital Model in Côte d’Ivoire’s Crowded Market
TLDR
- Abidjan-based Mansa Bank is taking a different path in West Africa’s mature banking sector
- Rather than expanding through a widespread branch network, the bank operates with a lean digital-first model
- Mansa Bank has achieved a cumulative net profit of CFA 10 billion over five years and expects to reach CFA 450 billion in assets by 2024
Abidjan-based Mansa Bank is taking a different path in West Africa’s mature banking sector. Rather than expanding through a widespread branch network, the bank operates with a lean digital-first model and a focus on corporate clients.
Founded by El-Hassana Kaba, former CEO of Atlantique Banque Sénégal, Mansa Bank has achieved a cumulative net profit of CFA 10 billion over five years and expects to reach CFA 450 billion in assets by 2024.
With support from shareholders including Mansa Financial Group (38.65%), BOAD, and Askia Assurance (7.64% each), the bank increased its capital from CFA 12 billion to CFA 22 billion through retained earnings. Oasis Capital, which held 16.12%, exited in March in favor of the founders and a new private investor.
Mansa operates a single branch in Abidjan, with plans to open a second in San Pedro. A mobile banking app is due by the end of 2025.
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Key Takeaways
Mansa Bank is positioning itself as a digital corporate bank with aspirations to reach CFA 1 trillion in total assets by 2030. Unlike traditional banks in the region that built expansive branch networks before digitizing, Mansa is flipping the model—prioritizing cost efficiency and digital tools from the start. Its strategy mirrors that of Bridge Bank, focusing on SMEs and corporates rather than mass retail. But challenges remain. In WAEMU markets, refinancing hinges on deposit collection—something harder to achieve without a retail base and branch presence. To diversify, Mansa is launching a management and intermediation firm (SGI) to guide SMEs to the BRVM. The bank aims to reach CFA 35 billion in capital by end-2025 to support this growth. However, competition from incumbents like Société Générale, NSIA Banque, and Ecobank remains intense, and Mansa’s lean model will be tested by regulatory, funding, and customer acquisition constraints in the years ahead.
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