Why Ivorians do not use their banks? (Jacques Morisset, Brookings)

In Ivory Coast, the poor prefer to keep their savings under their mattresses or in informal community associations, while the wealthy invest directly in real estate or send their money offshore. People’s reluctance to use local banks explains to a large extent why financial intermediation is still nascent in the country. The lending rate (as of percent of GDP) is today three to four times lower than in middle-income African countries such as Morocco, Namibia, and South Africa. The gap is even greater when compared to the emerging countries of Southeast Asia. Why are Ivorians not backing up their banks even if it would be safer and potentially more profitable for each person? How could one close the apparent “trust gap” between citizens and the banking sector?

http://www.brookings.edu/blogs/future-development/posts/2016/07/14-why-do-ivorians-not-use-banks-morisset