🇧🇫Burkina FasoWest Africa
Burkina Faso addresses digital financial service risks to protect consumers
via Lefaso.net3 min read
The first session of 2026 for the digital finance consultation framework is taking place in Ouagadougou on June 11, focusing on risks associated with the digitalization of financial products and services and approaches to reduce consumer vulnerability. Digital financial services have seen rapid growth in Burkina Faso, with electronic payment solutions, mobile wallets, and digital platforms for savings, credit, and insurance expanding access to financial services. According to BCEAO data, digital platforms processed nearly 1.9 billion transactions valued at 16,639 billion CFA francs in 2023. In 2024, the country had over 149,000 mobile money service points and more than 23 million registered accounts, highlighting digital finance's strategic role in financial inclusion. However, this growth also brings new challenges, including electronic fraud, identity theft, cyberattacks, personal data breaches, manipulation errors, and opaque commercial practices. Souleymane Nabollé, technical advisor representing the Minister of Economy and Finance and president of the consultation framework, emphasized that no financial system can thrive without user trust, making security, transparency, and consumer protection collective responsibilities for public and private actors. The consultation will feature two panels: one on effective and secure digitalization of financial products and services, examining regulatory frameworks, stakeholder responsibilities, successful digital transformation, and
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