From comparative advantage to the blue ocean

Financial services are reinventing themselves across the world, with the emergence of fintechs that are innovating both in operations and in business models and value chains. This shows a shift from a traditional model of competition based on comparative advantage and the cost/quality dilemma, to a model of competition through continuous innovation and the creation of new strategic spaces and markets. In sub-Saharan Africa, this trend has taken on particular importance because the emergence of fintechs is capable of radically changing the economic environment. Indeed, as the average rate of banking in Sub-Saharan Africa is less than 30% of the active population, there is a colossal market that is not yet contested and could be the engine of strong growth. In our work, we have therefore been keen to decipher the emergence and evolution of fintechs in sub-Saharan Africa, particularly in Senegal and Côte d'Ivoire, through the prism of the blue ocean strategy. Our premise is that traditional financial institutions do not satisfy all their potential customers and that they are lagging behind.