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Haiti’s Digital Financial Services on the Rise
Port-au-Prince, Haiti - As Haiti continues to develop its financial sector, digital financial services (DFS) are gaining popularity among Haitians. With a growing number of mobile network operators and financial institutions offering DFS, the potential for financial inclusion in Haiti is vast.
Financial Landscape in Haiti
According to recent estimates, there are currently:
- Seven commercial banks serving over 2 million customers
- 52 financial cooperatives with 912,806 members
- 132 microfinance institutions with 250,000 clients
With a population of approximately 10,911,819 inhabitants, the potential for mobile banking services is significant, with an estimated 25.7% of the population potentially interested in using these services.
Leading DFS Providers
One of the leading DFS providers in Haiti is MonCash, a mobile wallet service offered by Digicel. Since its launch, MonCash has grown rapidly, with over 900,000 customers and 2,200 active agents. In March 2018 alone, the service carried out 7.1 million transactions, totaling $44 million.
Another competitor in the market is Lajaon Cash, an e-wallet offered by the National Credit Bank (BNC) in association with Tagattitude. The product allows users to make purchases at various supermarkets and retailers across the country, as well as use it to access banking services through a network of 39 BNC branches.
Debit Card Services
Two banks, Sogebank and Unibank, have launched debit card services that allow customers to access their accounts remotely and perform transactions with non-bank correspondents.
Challenges and Opportunities
While the growth of DFS in Haiti is promising, challenges remain. In order for these services to expand and reach more people, the legal framework must be improved to facilitate their development. Additionally, financial institutions and mobile network operators must work together to better understand the challenges facing the sector and propose solutions to overcome them.
Conclusion
As the digital financial landscape continues to evolve in Haiti, it is clear that DFS has the potential to play a significant role in promoting financial inclusion and improving access to financial services for Haitians.