Benin has made strides in expanding digital financial services, primarily driven by the growth of mobile money platforms such as MTN MoMo and Moov Money. These services dominate rural and unbanked areas, where access to traditional banking remains limited. The BCEAO’s regulatory framework for e-money providers has played a critical role in this expansion.

The country’s economy remains heavily dependent on agriculture and informal trade, limiting formal financial system penetration. While there is no formal open banking framework, ongoing efforts to secure data sharing and promote customer consent mechanisms signal early steps toward modernized banking solutions.