Mali - Banking SystemsMali - Banking Systems
The Central Bank of West African States (BCEAO) serves as Mali’s central bank and has an office in Mali. The structure of the banking system is oligopolistic with 14 commercial banks and three financial institutions. The commercial banks are open to business and have developed partnerships with multinational banks, including from Morocco, France, and the United States. While the Government of Mali is a shareholder in most commercial banks, it has minimal interference in their management, which is more influenced by international investors. According to Mali’s National Institute for Statistics (INSTAT), the banking services penetration rate is 17%. Mobile banking has helped increase access to financial services.