Advans Côte d'Ivoire - Ivory Coast
Advans Côte d'Ivoire (Non-bank financial institution, about 90.000 clients, 15 branches)
Less than 10% of the small cocoa farmers in Ivory Coast have an account at a financial institution, due to the risk and cost of serving them. Cooperatives are therefore often obliged to pay their farmers in cash, creating traceability and safety issues (robberies).
40% Cocoa producers have to send their children to school 2 months late in the school year because funds are not available at the beginning of the year. Farmers have on average 4 children of school age.
The Technology solution Programme
Advans Côte d'Ivoire (CI) offers digital savings and payment solution, with wallet-to-bank and bank-to-wallet transfer services, enabling producers’ cooperatives to make digital payments to farmers for their crop revenue. Farmers in rural areas can withdraw or deposit funds on their Advans accounts through local MTN mobile money agents, or make other digital payments and transfers.
Advans CI also provides small digital school loans, based on an algorithm reflecting farmers’ cashflows. Advans CI successfully negotiated free MTN transfers between mobile wallets and Advans accounts for their farmer clients – the first time this had happened in Ivory Coast.