More
    HomePartner ContentWizall Money: The Corporate-Backed Moroccan Fintech Heats Up Competition to Displace Ivory...

    Wizall Money: The Corporate-Backed Moroccan Fintech Heats Up Competition to Displace Ivory Coast’s Djamo

    Published on

    spot_img

     Wizall Money, a subsidiary of Moroccan banking giant Banque Centrale Populaire (BCP), is making a bold move in the West African fintech landscape with the launch of its new prepaid debit card in Ivory Coast. The “Carte Bleue Wizall Money,” available in both virtual and physical forms, is being positioned as a significant disruptor, aimed at challenging the dominance of homegrown fintech star, Djamo.

    The card, unveiled on June 19th in a high-profile event attended by prominent business leaders, offers a range of features designed to appeal to modern consumers. It supports contactless payments, online transactions, and can be topped up via popular mobile wallets or bank transfers from Banque Atlantique Côte d’Ivoire or AMIFA accounts. This strategic partnership with established banking institutions signals Wizall Money’s intent to leverage existing infrastructure to rapidly expand its reach.

    Wizall Money’s CEO, Gilles Gnanagbé, emphasized the company’s commitment to financial inclusion, stating, “We are leveraging technology to provide reliable, secure, and accessible financial solutions for everyone.” As a BCEAO-approved electronic money issuer, Wizall Money utilizes NFC, QR codes, and a user-friendly mobile app to deliver its services. The app provides 24/7 access to account management features such as card activation/deactivation, balance inquiries, and transaction history, further enhancing the card’s appeal.

    The launch of this new product marks a significant escalation in the competition between Wizall Money and Djamo, a popular Ivorian fintech company founded in 2020. Djamo has gained a substantial following with its comprehensive suite of financial services, including a Visa-powered debit card and a no-fee model for basic transactions. However, Wizall Money’s aggressive entry into the market, backed by the resources of its parent company BCP, poses a direct challenge to Djamo’s dominance.

    Banque Centrale Populaire (BCP), listed on the Casablanca Stock Exchange under the ticker symbol BCP, acquired a majority stake in Wizall on December 5, 2018. The strategic move aimed to combine Wizall with BCP’s subsidiary, Atlantic Business International (ABI), to bolster its mobile banking operations in the West African region.

    Originally founded by Ken Kakena and Sebastien Vetter, Wizall Money’s expansion strategy extends beyond Ivory Coast. The company has already established a strong presence in Senegal, processing 6 million transactions annually and boasting 1.3 million accounts with 150 billion FCFA in circulation on its platform. With operations also in Burkina Faso, Wizall Money has ambitions to become the leading player in digital payments across the continent.

    This intensifying competition between Wizall Money and Djamo underscores the growing importance of the fintech sector in West Africa. As both companies strive to expand their offerings and reach, consumers in the region are likely to benefit from increased innovation and more accessible financial services.

    Latest articles

    Itana: The Lagos Tech Zone That Wants to Be Africa’s Answer to Delaware

    Africa’s population is expected to double by 2050. The global demand for digital services is exploding. And many countries are still unsure how to compete.

    Africa’s Biggest Battery-Backed Solar Project Is Coming to Southern Egypt — Backed by $184M in Funding

    Located in Qena Governorate in southern Egypt, the $590 million project has been granted a Golden License.

    Lagos Leads Africa in Startup Unicorns — but Its Developers Are Among the World’s Lowest Paid

    Software developers in Lagos earn barely more than 4.8% of what their peers in Silicon Valley receive.

    10,000 Interns and Counting: The Massive Tech Skills Offensive Led by Egypt’s ITIDA

    The payoff is starting to show. In the fiscal year 2022–2023, Egypt’s IT-enabled services sector grew by 54.2%, reaching $3.7 billion in exports.

    More like this

    Itana: The Lagos Tech Zone That Wants to Be Africa’s Answer to Delaware

    Africa’s population is expected to double by 2050. The global demand for digital services is exploding. And many countries are still unsure how to compete.

    Africa’s Biggest Battery-Backed Solar Project Is Coming to Southern Egypt — Backed by $184M in Funding

    Located in Qena Governorate in southern Egypt, the $590 million project has been granted a Golden License.

    Lagos Leads Africa in Startup Unicorns — but Its Developers Are Among the World’s Lowest Paid

    Software developers in Lagos earn barely more than 4.8% of what their peers in Silicon Valley receive.