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.