WAEMU Banks Add 1.4M Accounts in 2024 as Deposits Rise

BREAKING NEWSAugust 27, 2025 at 9:37 AM UTC

TLDR

Banks in the West African Economic and Monetary Union (WAEMU) added more than 1.4 million new accounts in 2024, bringing the total to 22.2 million
The number of banks in the region held steady at 135, but lenders expanded their physical networks
Despite the progress, WAEMU’s banking penetration remains modest. The strict banking rate stood at 24.3% in May 2024

Banks in the West African Economic and Monetary Union (WAEMU) added more than 1.4 million new accounts in 2024, bringing the total to 22.2 million, according to the Central Bank of West African States (BCEAO). The 6.8% increase reflects broader efforts to expand access to financial services.

The number of banks in the region held steady at 135, but lenders expanded their physical networks. Contact points rose 17.2% to 3,220, and ATMs increased 13.3% to 4,145. Deposits climbed 7.2% to 48,230 billion CFA francs, strengthening balance sheets and banks’ ability to finance the economy.

Despite the progress, WAEMU’s banking penetration remains modest. The strict banking rate stood at 24.3% in May 2024, up from 20.6% in 2020. Including microfinance, the expanded rate reached 46.3% in 2023, highlighting steady gains but also the distance to full financial inclusion.

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Key Takeaways

While banking accounts and deposits are rising, WAEMU’s penetration rates remain low compared to global benchmarks. Only one in four adults holds a bank account, underscoring both the opportunity and the challenge for financial institutions. To close the gap, banks are turning to digital channels, with the BCEAO preparing to launch an instant payments system in September 2025. If successful, the platform could replicate the impact of mobile money in East Africa by reducing transaction costs and expanding access for underserved populations. Stronger digital rails would also bolster confidence in the regional banking system, support savings mobilization, and channel more capital into investment. For WAEMU’s economies, deeper financial inclusion is critical to diversifying funding sources and driving growth beyond commodity cycles.

Finance

Banking

WAEMU

Financial Inclusion

Economy