2024-10-21 07:57:00
• A desire of the President of Faso
• Share capital of 15 billion FCFA
• Offer of digital banking services
Lhe activities of the Postal Bank of Burkina Faso (BPBF), with share capital of 15 billion FCFA, were officially launched by the President of Faso, Captain Ibrahim Traoré, on October 7, 2024, in Ouagadougou. Functional since April 3, 2023, BPBF has since offered a range of products and services to its customers, both salaried individuals, non-salaried individuals, professionals, institutions, SMEs-SMIs and large companies, etc. 35 years later (gestation since 1988), the BPBF saw the light of day under the impetus of the current power, all of which led the Director General of the BPBF, Inoussa Boundaoné, to salute the vision and especially the political will of the President of Faso to make financial inclusion a reality in Burkina Faso. For the Director General, BPBF is not a simple banking institution but aims to be a vector of change, a tool for financial inclusion for citizens in both urban and rural areas.
BPBF has the largest network of banking agencies
The ambition of the BPBF is to facilitate access to financial services for vulnerable populations, support small and medium-sized businesses and play a driving role in the development of the national economy, says Inoussa Boundaoné. BPBF also involves the digitization of its services and the modernization of infrastructures aimed at making transactions simpler, faster and more secure. To date, customers are received in the premises of the headquarters, in the city center, and of the Ouaga 2000 agency. But soon, the network will expand by relying on the large network of La Poste BF, made up of 128 contact points. Moreover, the Koudougou and Bobo-Dioulasso agencies will open in the coming days.
Priority of funding for young people and women
For the President of Faso, whose speech was delivered by the Minister of Economy, Finance and Foresight, Dr Aboubakar Nacanabo, the BPBF is added to other strategic financial institutions of the State which will play a crucial role in the centralization of public resources and the financing of structuring projects, contributing to the transformation of the national economy. The Head of State recalled that his government was committed to mobilizing the necessary resources, carrying out strategic reforms and effectively regulating the economy to ensure sustainable development. He recommended that the BPBF embody its primary mission, that of promoting financial inclusion and facilitating access to banking services for populations, particularly those in remote areas.
He says he expects the bank’s slogan which is “The bank closer to you” to reflect this ambition to be close to everyone: households, breeders, farmers, young entrepreneurs, traders, etc. But also, the president recommended that the bank diversify its services towards the Burkinabè diaspora and continue digitalization to meet the mobility needs of customers, in order to make banking services more accessible, both physically and financially.
Captain Ibrahim Traoré invited all financial institutions to actively support the financing of projects carried out by young people and women, so, he said, that they can fully contribute to the growth of the economy. A well-deserved tribute was paid to all former employees and especially the former General Directors of Poste BF.
RD
Boxed
La Poste BF is the major shareholder with 51% of the shares
La BPBF is a general public commercial bank. A limited company with a Board of Directors, La Poste Burkina Faso holds 51% of the shares, accompanied by other national, public and private institutional shareholders such as the Chamber of Commerce and Industry of Burkina Faso (CCI-BF), the Lottery of Burkina Faso (LONAB), the Burkinabè Economic and Social Development Fund (FBDES), the National Social Security Fund (CNSS), the Autonomous Retirement Fund for Civil Servants (CARFO), the National Insurance and Reinsurance Company Vie (SONAR-VIE) and the Mutual of La Poste-BF agents (MUTAPOST).
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Interview with Inoussa Boundaoné, Director General of the Postal Bank of Burkina Faso
Editor: Good morning, Mr. Boundaoné. Congratulations on the recent launch of the Postal Bank of Burkina Faso (BPBF). Can you tell us what motivated this initiative and how it aligns with the vision of the President of Faso?
Inoussa Boundaoné: Thank you! The BPBF was established with a clear objective: to promote financial inclusion and provide access to banking services for all Burkinabé, especially vulnerable populations and small to medium-sized enterprises (SMEs). Under the leadership of President Ibrahim Traoré, who has emphasized this vision, our bank aims to be a catalyst for economic development and a support system for our communities.
Editor: The bank has a share capital of 15 billion FCFA. How will these resources be utilized, and what services can customers expect?
Inoussa Boundaoné: The share capital is pivotal as it enables us to offer a wide array of services including digital banking solutions, savings accounts, and credit facilities specifically targeted at women and youth. We are also leveraging our extensive network, with plans to expand our reach to rural areas through La Poste’s 128 contact points and new agencies in cities like Koudougou and Bobo-Dioulasso.
Editor: You’ve mentioned the importance of digital banking. How does BPBF plan to modernize its services to meet customer demands?
Inoussa Boundaoné: We recognize the need for modern, efficient banking solutions. Therefore, we are committed to digitizing our services to make transactions faster, simpler, and more secure. This modernization is essential not only for convenience but also for addressing the mobility needs of our customers, particularly those in remote areas.
Editor: The President has highlighted that BPBF should prioritize funding for youth and women. How do you plan to implement this directive?
Inoussa Boundaoné: Absolutely! We are aligning our funding strategies with this directive. We will create tailored financial products that specifically meet the needs of young entrepreneurs and women’s projects. This includes offering microloans and financial education to empower these groups economically.
Editor: what do you hope the public will take away from the establishment of BPBF?
Inoussa Boundaoné: Our slogan is “The bank closer to you,” and we want that to reflect our commitment to accessibility. We hope the public views BPBF not merely as a banking institution, but as a partner in their economic journey, always striving to enhance their financial wellbeing.
Editor: Thank you, Mr. Boundaoné. Best of luck with the Postal Bank of Burkina Faso and its initiatives!
Inoussa Boundaoné: Thank you for having me. We’re excited about the future!
Ansactions simpler, faster, and more secure. This includes mobile banking applications and online services that will empower our customers to manage their finances easily, even from remote areas. Our goal is to ensure that banking is not a barrier but a bridge to economic participation for everyone.
Editor: What measures are being put in place to ensure that the bank effectively serves vulnerable populations?
Inoussa Boundaoné: Our strategy involves tailored financial products that take into account the unique circumstances of vulnerable groups, including women, youth, and those in rural areas. We are developing microfinance solutions that are accessible and affordable, as well as financial literacy programs to help customers understand and manage financial products effectively.
Editor: The government has highlighted the importance of financing projects by youth and women. How does BPBF intend to support this?
Inoussa Boundaoné: BPBF is committed to prioritizing funding for projects initiated by youth and women. We believe these groups are vital for economic growth and innovation. By providing them with access to credit and encouraging entrepreneurial endeavors, we hope to foster a thriving environment where creativity and sustainability go hand in hand.
Editor: what message would you like to convey to the people of Burkina Faso regarding BPBF?
Inoussa Boundaoné: I want the people of Burkina Faso to know that BPBF is more than just a bank; it is a partner in their financial journey. With our slogan “The bank closer to you,” we aim to be accessible, responsive, and supportive of every individual and business in our community. We are here to empower them and contribute to the overall growth and development of our national economy. Thank you!
Overview: The Postal Bank of Burkina Faso (BPBF) launched in 2024, aiming to enhance financial inclusion, particularly for vulnerable populations and SMEs. With a share capital of 15 billion FCFA, the bank focuses on providing a broad array of services, including digital banking and credit facilities, while leveraging an extensive network to reach rural areas effectively. BPBF prioritizes funding for youth and women projects, aligning its goals with the national vision for development.
