In a world where access to financial services remains a significant barrier for millions, a groundbreaking partnership in Benin is paving the way for change by transforming the financial landscape. Banque Internationale pour l’Industrie et le Commerce (BIIC), a leading financial institution in the region, has teamed up with MTN Mobile Money (MoMo), a dominant mobile payment platform in Africa, to launch a transformative service. Announced on November 11, 2024, this initiative allows customers to transfer funds instantly between their bank accounts and mobile wallets, breaking down traditional banking barriers. This collaboration is more than just a technological advancement; it represents a bold step toward financial inclusion for the unbanked and underbanked populations in Benin, where only 49% of adults own a bank account, according to World Bank data from 2021. BIIC, formed through a strategic merger in 2020, has rapidly emerged as a key player in the local banking sector, further solidifying its influence with a recent listing on the Regional Securities Exchange (BRVM). This article explores how BIIC is leveraging mobile technology, strategic partnerships, and targeted programs to reshape the financial landscape in Benin, ensuring that even the most remote communities can participate in the digital economy.
1. Pioneering Digital Banking through Strategic Collaborations
BIIC’s commitment to financial inclusion is evident in its innovative approach to digital banking, particularly through partnerships with mobile money providers. With a mobile penetration rate of 93.6% in Benin, the potential to reach vast segments of the population through mobile devices is undeniable. The collaboration with MTN Mobile Money stands as a flagship example, enabling seamless money transfers without the need for physical bank visits. This service is especially critical for individuals in remote areas, where traditional banking infrastructure is often scarce. By integrating its services with mobile wallets, BIIC ensures that even those previously excluded from formal financial systems can manage their money with ease and autonomy. The bank’s focus on digital solutions aligns with national goals to boost economic growth by expanding access to financial tools, demonstrating a forward-thinking approach to modern banking challenges.
Beyond the initial partnership, BIIC has extended its reach by working with other mobile money services like Moov Money and Celtiis Cash. These alliances allow customers to perform a variety of transactions, including bill payments and purchases, directly from their mobile devices. Additionally, the Push & Pull service enhances flexibility by enabling direct transfers between BIIC accounts and linked mobile wallets, simplifying remittances for both individuals and businesses. This multi-platform strategy underscores BIIC’s dedication to creating a comprehensive digital ecosystem that caters to diverse user needs. The impact of these initiatives is profound, as they not only streamline domestic payment flows but also empower users with greater control over their financial lives, fostering economic participation across the board.
2. Enhancing Accessibility with BIIC Mobile Solutions
The BIIC Mobile application serves as a cornerstone of the bank’s digital offerings, designed to provide a seamless and secure banking experience. Users can access a wide range of services 24/7, from checking real-time balances to executing transactions with minimal fees. The app’s intuitive interface ensures that even those new to digital banking can navigate it effortlessly, while features like biometric authentication—such as Touch ID and Face ID—guarantee robust security. Transparent pricing and the ability to track transactions in real time further build trust among users, particularly in communities previously hesitant to engage with formal banking systems. For those in isolated regions, the app’s geolocation feature helps locate the nearest BIIC agencies, bridging the gap between digital and physical banking touchpoints.
Accessing the integrated service with MTN Mobile Money is straightforward and user-friendly. Customers must first enroll, either remotely or at a BIIC branch, to activate the service. Next, they can link their BIIC bank account to their MTN Mobile Money account using their mobile device. Finally, by dialing *880# and selecting option 7, users can initiate instant and secure money transfers. This streamlined process eliminates unnecessary complexity, making financial management accessible to a broader audience. The app also supports advanced functionalities like scheduling recurring transfers and downloading detailed account statements, catering to both personal and business needs. By prioritizing user convenience and security, BIIC is setting a new standard for mobile banking in the region, ensuring that financial services are within reach for all.
3. Driving Financial Inclusion for Small Businesses
BIIC’s mission to enhance financial inclusion extends beyond individual users to encompass Benin’s vibrant small and medium-sized enterprise (SME) sector. Recognizing that SMEs and small and medium-sized industries (SMIs) often lack access to essential financial tools, the bank has introduced targeted solutions to address this gap. The PME BOOST program stands out as a multi-product initiative aimed at boosting productivity and competitiveness among local businesses. Through tailored financing options, investment opportunities, and import-export solutions, BIIC empowers these enterprises to grow sustainably and contribute to the national economy. Given that SMEs account for 90% of Benin’s industrial sector, the bank’s efforts in this area are pivotal for driving broader economic development.
Further amplifying its impact, BIIC secured a significant portfolio guarantee of 15 billion FCFA (approximately $26.4 million) from the African Guarantee Fund (AGF). This funding has facilitated loans totaling nearly 18 billion FCFA, supporting 112 SMEs and creating numerous jobs, particularly for women and youth. The partnership with AGF also includes a credit-guarantee scheme expansion, increasing access to financing for businesses lacking traditional collateral. CEO Arsène Dansou has emphasized the bank’s strong commitment to SME financing, highlighting its role as a leader in this space. By addressing the unique challenges faced by small businesses, BIIC not only fosters entrepreneurship but also strengthens the economic fabric of the region, ensuring that growth is inclusive and far-reaching.
4. Empowering Women Entrepreneurs through Dedicated Programs
A key pillar of BIIC’s financial inclusion strategy is its focus on empowering women in business, acknowledging their critical role in economic progress. Through initiatives like BIIC Avec Elles, launched two years ago, the bank provides women-led SMEs with access to financing, mentorship, legal literacy, and market opportunities. The program also offers professional support from experts such as notaries and accountants, ensuring comprehensive assistance. Recent enhancements include partnerships with EtriLabs incubator and the African Women’s Entrepreneurship Program (AWEP), expanding the cohort to over 30 companies and growing the portfolio from 2.4 billion to 3.2 billion FCFA. A dedicated digital platform further supports networking, training, and funding applications, amplifying the program’s reach and impact.
The significance of these efforts has not gone unnoticed, earning recognition from Benin’s Minister of Small and Medium Enterprises, Modeste Kerekou, for aligning with national visions for SME growth. BIIC’s participation in the inaugural “Le Bénin se rev’elles” event in March showcased its unwavering commitment to women’s professional empowerment through targeted funding and support activities. Additionally, under broader financing programs, preferential terms are offered to women-led businesses, while technical assistance from AGF prioritizes structuring a pipeline of such enterprises for credit access. These initiatives collectively demonstrate how BIIC is breaking down systemic barriers, enabling women entrepreneurs to thrive and contribute meaningfully to the economy.
5. Integrating ESG Principles into Banking Strategy
BIIC’s dedication to societal impact goes beyond financial inclusion, embedding environmental, social, and governance (ESG) principles into its core operations. Women’s empowerment is a significant focus within this framework, but the bank’s ESG strategy also addresses broader themes like sustainable growth and entrepreneurial resilience. The launch of BIIC Talks, a televised series, highlights critical issues such as access to finance for women and the importance of sustainable business practices. By fostering dialogue on these topics, BIIC positions itself as a thought leader in responsible banking, encouraging both customers and industry peers to prioritize long-term societal benefits alongside financial goals.
This holistic approach ensures that BIIC’s initiatives are not just about immediate financial access but also about creating lasting positive change. The bank’s efforts to support job creation through SME financing, particularly for underrepresented groups, align with social governance objectives. Meanwhile, discussions on sustainability in BIIC Talks reflect a commitment to environmental considerations, even within a financial context. By integrating ESG priorities into its operations, BIIC sets an example for how banks can balance profitability with purpose, addressing pressing regional challenges. This strategic focus on broader impact reinforces the bank’s role as a catalyst for inclusive and sustainable economic development in Benin and beyond.
6. Reflecting on Transformative Steps Forward
Looking back, BIIC demonstrated remarkable vision through its partnerships with mobile money providers like MTN Mobile Money, which enabled instant transfers and brought banking to remote corners of Benin. The BIIC Mobile app became a trusted tool, offering secure and accessible financial management, while programs like PME BOOST and BIIC Avec Elles empowered SMEs and women entrepreneurs with vital resources. The bank’s alignment with ESG principles through initiatives like BIIC Talks further showcased its commitment to sustainable progress. Moving forward, stakeholders can anticipate continued innovation in digital banking solutions to reach even more unbanked populations. Businesses and individuals alike should explore these tools to enhance financial autonomy, while policymakers might consider replicating such models to amplify national economic inclusion efforts. BIIC’s journey offers a blueprint for how targeted technology and strategic focus can transform lives, setting a precedent for the future of banking in the region.
