Haiti’s Digital Financial Services Experience Major Growth
A Significant Milestone for the Country’s Financial Sector
In a remarkable achievement, digital financial services (DFS) have experienced rapid growth in Haiti, with over 900,000 customers using mobile wallets and debit cards. According to a report by the Association of International Banks, Haiti has made significant progress in developing its DFS landscape.
Major Players in the Market
Two mobile wallet companies, Digicel’s MonCash and National Credit Bank’s Lajaon Cash, have become major players in the market. They have carried out over 2.2 million transactions in March 2018 alone.
MonCash: A Success Story
- Launched by Digicel in 2013, MonCash has seen significant growth with over 900,000 customers using the service to carry out transactions worth $44 million.
- The company attributes its success to improvements made in the Tcho Tcho mobile model, including aligning agents’ rewards and improving product utilization.
Lajaon Cash: A Growing E-Wallet
- Launched by National Credit Bank (BNC) in association with French company Tagattitude, Lajaon Cash has also seen significant growth with over 800,000 customers using the service.
- The e-wallet allows users to pay for purchases at various merchants and can be used from both Digicel and Natcom platforms.
Online Banking Services
Two banks, Sogebank and Unibank, have launched online banking services, allowing customers to open bank accounts remotely and carry out transactions with non-bank correspondents.
Haiti’s Financial Landscape
- The country has a population of approximately 10.9 million inhabitants, with an estimated 25.7% interested in mobile banking services.
- Haiti’s financial landscape consists of:
- Seven commercial banks serving over 2 million customers
- 52 financial cooperatives serving 912,806 members
- 132 microfinance institutions serving 250,000 clients
Challenges and Opportunities for Growth
While the established legal framework has allowed for the development of DFS in Haiti, there is still great potential for growth and expansion. To achieve this, different actors must take into account the lessons learned from the sector’s challenges and propose appropriate solutions to facilitate its further development.
Key Statistics:
- Over 900,000 customers using mobile wallets
- 2.2 million transactions carried out in March 2018 alone
- $44 million worth of transactions carried out through MonCash
- 800,000 customers using Lajaon Cash
- 7 commercial banks serving over 2 million customers
- 52 financial cooperatives serving 912,806 members
- 132 microfinance institutions serving 250,000 clients
Source: Association of International Banks report on Digital Financial Services in Haiti