WAEMU E-Money Activity Drops Despite Rising Account Growth
Financial services providers face lower engagement rates as active users fall to 32.56% of total registered accounts.
Updated on Oct. 22, 2026 in Financial Services
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In 2025, the WAEMU region reached 284.8 million registered e-money accounts. However, only 32.56% of these accounts were active, defined by at least one transaction in the previous 90 days.
Why it matters
The gap between registered accounts and active usage highlights significant adoption hurdles for financial services providers, as businesses must navigate a market where growth in volume does not guarantee consistent engagement.
The regional e-money activity rate fell to 32.56% in 2025 from 41.58% in 2022, despite registered accounts climbing to 284.8 million from 248.7 million in 2024. Transaction volume reached 16.4 billion with a total value of CFA 219,151 billion, supported by 1.45 million active service points.
The players
BCEAO
The central bank responsible for overseeing monetary policy and financial inclusion statistics across the WAEMU region.
The details
The BCEAO defines an active account as one with at least one transaction in a 90-day window. Operators in the region face stark disparities in user engagement, with national activity rates ranging from a high of 60.67% in Guinea-Bissau to a low of 10.85% in Niger. This uneven distribution forces businesses to calibrate their expansion and service-point density strategies based on highly localized adoption behaviors.
Timeline
2022: Activity rate was 41.58%.
2024: 248.7 million registered accounts.
2025: 284.8 million registered e-money accounts.
October 20, 2026: BCEAO published the 2025 Financial Inclusion Dashboard.
Market Landscape
The data reflects a pattern documented by the BCEAO Financial Inclusion Dashboard, where account registration growth is outpacing actual user retention. This trend marks a departure from earlier years when market penetration was more closely mirrored by active transactional engagement.
Service providers should focus on activation campaigns for existing account holders, given that over two-thirds of registered accounts currently remain idle. Firms must evaluate if current service-point density matches localized demand in lower-activity markets like Niger.
The takeaway
The widening gap between account registration and actual usage serves as a critical signal to prioritize user engagement over total account acquisition. Operators should monitor the 90-day activity metrics provided in central bank filings to better forecast actual transaction-based revenue.
Further reading
For broader trends in digital banking and regional commerce, visit our Financial Services section.
Source note: This article includes information reported by Ecofin Agency.
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