March 2019 - December 2019
Ivory Coast, Mali, Senegal
Association Professionnelle des Systèmes Financiers Décentralisés de Côte d’Ivoire (APSFD-CI), AFD and CGAP/World Bank financing

Study of the impact of interest rate caps on financial inclusion and on the development of digital finance, in the WAEMU zone, through in-depth studies in Senegal, Côte d’Ivoire and Mali.

The decrease in caps in 2014 rekindled discussion on the relevance of the measure in contexts where financial inclusion remains unsatisfactory.
In this context, HORUS was contracted to:

  • Assess the impact of the 2014 decrease in interest rates on financial inclusion – Côte d’Ivoire and Mali cases. This was consolidated with a recent study in Senegal.
  • Assess the obstacles created by interest rate caps on the development of digital credit with an analysis of business models in the WAEMU zone and internationally.
  • Analyze international experience and practices on interest rate caps and propose relevant regulatory adjustments.
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