Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data

Côte d’Ivoire has the world’s largest cocoa sector, producing over 1.4 million metric tons of raw cocoa per year, accounting for thirty two percent of world production. Harvest payments often arrive late due to the complex logistics of cash-based p...

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Main Authors:	Lonie, Susie, Martinez, Meritxell, Oulai, Rita, Tullis, Christopher
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	FARMER MOBILE BANKING DIGITAL FINANCE ACCESS TO FINANCE FINANCIAL INCLUSION FINANCIAL SERVICES COCOA COCOA PRODUCTIVITY COCOA PRICE VALUE CHAIN
Online Access:	http://documents.worldbank.org/curated/en/782461531301524037/Opportunities-for-digital-financial-services-in-the-cocoa-value-chain-in-Côte-d-Ivoire-insights-from-new-data http://hdl.handle.net/10986/30203

id	okr-10986-30203
recordtype	oai_dc
spelling	okr-10986-302032021-05-25T09:16:30Z Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data Lonie, Susie Martinez, Meritxell Oulai, Rita Tullis, Christopher FARMER MOBILE BANKING DIGITAL FINANCE ACCESS TO FINANCE FINANCIAL INCLUSION FINANCIAL SERVICES COCOA COCOA PRODUCTIVITY COCOA PRICE VALUE CHAIN Côte d’Ivoire has the world’s largest cocoa sector, producing over 1.4 million metric tons of raw cocoa per year, accounting for thirty two percent of world production. Harvest payments often arrive late due to the complex logistics of cash-based payments and, it is not uncommon for the amount farmers receive to be somewhat below market value due to high commissions taken by chains of intermediary middlemen. Cognizant of these costs and inefficiencies, many actors in the cocoa value chain are exploring alternatives. One such alternative is paying farmers through Digital financial services (DFS). This research focuses specifically on mobile money accounts and discusses, first, how these have already expanded financial inclusion in Côte d’Ivoire and, secondly, how mobile money could help deliver products to cocoa farmers that meet their needs. The study is a knowledge product of the Partnership for Financial Inclusion, a joint initiative of IFC and The MasterCard Foundation to expand microfinance and advance digital financial services in Sub-Saharan Africa. It is organized as follows: The first section reviews the financial inclusion landscape in Côte d’Ivoire, revealing that DFS has unusually high penetration in rural areas. The second section analyzes the specific financial behavior of cocoa farmers based on new data collected by IFC,and is followed by a third section presenting a framework for how DFS could help improve farmers’ lives. The report concludes with a call to stakeholders to keep piloting and innovating with products and payment channels that cater to the financial needs of rural communities in Côte d’Ivoire and beyond. 2018-08-14T16:06:33Z 2018-08-14T16:06:33Z 2018 Report http://documents.worldbank.org/curated/en/782461531301524037/Opportunities-for-digital-financial-services-in-the-cocoa-value-chain-in-Côte-d-Ivoire-insights-from-new-data http://hdl.handle.net/10986/30203 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Commodities Study Africa Cote d'Ivoire
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	FARMER MOBILE BANKING DIGITAL FINANCE ACCESS TO FINANCE FINANCIAL INCLUSION FINANCIAL SERVICES COCOA COCOA PRODUCTIVITY COCOA PRICE VALUE CHAIN
spellingShingle	FARMER MOBILE BANKING DIGITAL FINANCE ACCESS TO FINANCE FINANCIAL INCLUSION FINANCIAL SERVICES COCOA COCOA PRODUCTIVITY COCOA PRICE VALUE CHAIN Lonie, Susie Martinez, Meritxell Oulai, Rita Tullis, Christopher Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data
geographic_facet	Africa Cote d'Ivoire
description	Côte d’Ivoire has the world’s largest cocoa sector, producing over 1.4 million metric tons of raw cocoa per year, accounting for thirty two percent of world production. Harvest payments often arrive late due to the complex logistics of cash-based payments and, it is not uncommon for the amount farmers receive to be somewhat below market value due to high commissions taken by chains of intermediary middlemen. Cognizant of these costs and inefficiencies, many actors in the cocoa value chain are exploring alternatives. One such alternative is paying farmers through Digital financial services (DFS). This research focuses specifically on mobile money accounts and discusses, first, how these have already expanded financial inclusion in Côte d’Ivoire and, secondly, how mobile money could help deliver products to cocoa farmers that meet their needs. The study is a knowledge product of the Partnership for Financial Inclusion, a joint initiative of IFC and The MasterCard Foundation to expand microfinance and advance digital financial services in Sub-Saharan Africa. It is organized as follows: The first section reviews the financial inclusion landscape in Côte d’Ivoire, revealing that DFS has unusually high penetration in rural areas. The second section analyzes the specific financial behavior of cocoa farmers based on new data collected by IFC,and is followed by a third section presenting a framework for how DFS could help improve farmers’ lives. The report concludes with a call to stakeholders to keep piloting and innovating with products and payment channels that cater to the financial needs of rural communities in Côte d’Ivoire and beyond.
format	Report
author	Lonie, Susie Martinez, Meritxell Oulai, Rita Tullis, Christopher
author_facet	Lonie, Susie Martinez, Meritxell Oulai, Rita Tullis, Christopher
author_sort	Lonie, Susie
title	Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data
title_short	Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data
title_full	Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data
title_fullStr	Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data
title_full_unstemmed	Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data
title_sort	opportunities for digital financial services in the cocoa value chain in côte d’ivoire : insights from new data
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/782461531301524037/Opportunities-for-digital-financial-services-in-the-cocoa-value-chain-in-Côte-d-Ivoire-insights-from-new-data http://hdl.handle.net/10986/30203
_version_	1764471398378504192

Opportunities for Digital Financial Services in the Cocoa Value Chain in Côte d’Ivoire : Insights from New Data

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