Benin

The Beninese financial market is broad and diverse; however, the formal aspect of this market has largely remained unused by most of the population. A quarter of Beninese adults have used formal financial services, but only a fifth report owning a registered formal financial account in their name. Conditions do exist for increasing financial inclusion, though. Many Beninese adults are financially active, with 47 percent report having saved in some manner and 20 percent reporting have borrowed. Mobile money awareness is high, as is access to mobile phones. An increase in the development of use-cases could spur adoption.

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Financial Inclusion

Total Financially Included
Financial Inclusion Breakdown by Accounts
FI By Gender
25 percent of active mobile money account holders are urban males living above the poverty line.

True or false

Most Beninese who have used mobile money have a registered mobile money account.

True – 62 percent of mobile money users have a registered account

What is the most frequently cited reason for taking a loan in Benin?

A. Emergency expenses
B. Medical payments
C. Routine purchases
D. Investment
D. Investment

Which mobile network operator has the greatest market share in Benin?

A. MTN
B. MOOV
C. GLO
D. BEL Benin
E. Liberco
A. MTN

True or false

The most frequently cited financial goal in Benin is “growing your businesses or a family member’s business”

True – 21 percent of Beninese adults report this as their most important financial goal

True or false

Men and women are financially included at the same rate in Benin

False – 24 percent of men are financially included, while only 16 percent of women are financially included

True or false

Benin has the lowest rate of phone access across all FII/MM4P countries?

True