Arya News - Homegrown firms are gaining ground in Ivory Coast’s fuel, finance and cosmetics sectors.
Abidjan, Ivory Coast – For decades, many of Ivory Coast’s biggest consumer markets were built around international companies with established brands, global supply chains and deep financial resources.
But a number of Ivorian businesses are now finding room to grow.
From petroleum distribution and digital banking to cosmetics manufacturing, these companies are entering sectors where foreign firms have long been dominant, building customer bases at home and looking beyond Ivory Coast’s borders.
Their rise does not signal the retreat of multinational companies, which remain major players across the economy. Instead, the experiences of Petro Ivoire, Djamo and Kaira Holding show how some domestic firms are competing by moving quickly, understanding their markets and investing in production.
Fuel challenge
When Petro Ivoire entered Ivory Coast’s petroleum sector in 1994, international oil companies controlled much of the market.
Today, the company says it is the country’s largest locally owned fuel distributor and ranks third overall behind TotalEnergies and Shell.
Sebastien Kadio-Morokro, Petro Ivoire’s chief executive, said the company’s founders believed a domestic business could compete by combining knowledge of the market with international standards.
“In the 1990s, the market was managed exclusively by multinationals,” Kadio-Morokro told Al Jazeera. “My late father’s idea was that, given the local expertise we had acquired in this industry, it was important to offer something authentic to the local market while strictly adhering to international standards.”
A Petro Ivoire petrol station in Abidjan. The company is among a group of Ivorian firms challenging established international brands [Courtesy/Social Media] The company says it now holds about 15 percent of Ivory Coast’s fuel market. Kadio-Morokro said being locally owned allows the company to make decisions faster than larger international rivals.
“When a strategic decision needs to be made, we can convene our board immediately and move forward,” he said. “We don’t have to navigate a long chain of decision-making through headquarters overseas.”
That approach helped Petro Ivoire move into the butane gas market in 2007, a sector the company says it now leads. It is also investing in electric-vehicle charging infrastructure as Ivory Coast prepares for changes in transport and energy use.
For Kadio-Morokro, the company’s experience reflects a broader challenge facing African businesses: building confidence that companies created on the continent can compete at scale.
“Africans must trust their countries, themselves and their continent,” he said. “There is no reason why we cannot succeed at home.”
Digital banking
In West Africa’s financial sector, another company is challenging traditional ways of accessing banking services.
Djamo launched in Ivory Coast in 2020, offering accounts, savings and investment products through a mobile application. The company says it now serves more than two million customers and 10,000 small and medium-sized enterprises.
For cofounder Hassan Bourgi, one of the biggest obstacles was convincing investors that francophone West Africa could produce a technology company capable of scaling.
Djamo cofounders Regis Bamba, left, and Hassan Bourgi are building a digital banking platform aimed at changing how consumers access financial services in francophone West Africa [AbdulHadi Heriba/Al Jazeera] “The biggest hurdle we encountered was that our region was completely off the radar for global venture capital investors,” Bourgi told Al Jazeera. “Historically, tech investment flowed almost exclusively into four main hubs: Nigeria, Kenya, South Africa and Egypt.”
Djamo sought to challenge that perception by showing investors that companies from francophone markets could grow beyond their borders.
“We showed investors that it was possible to build a large company here,” Bourgi said. “We highlighted the stability of our economy and the CFA franc, which created a strong environment for us to build and expand.”
The company focused heavily on younger consumers, designing a platform around the habits of a generation already familiar with digital services.
“Generation Z was the cornerstone upon which we built our product,” Bourgi said. “We wanted to provide an experience that matched what people encountered every day on international platforms.”
Scaling up
The growth of companies such as Petro Ivoire and Djamo comes as Ivory Coast seeks to strengthen its domestic private sector and help businesses move beyond the national market.
The International Finance Corporation (IFC) and Ivory Coast’s employers’ association, CGECI, have launched programmes aimed at helping promising companies improve access to finance, strengthen management and prepare for regional expansion.
For many entrepreneurs, the challenge is not only building a successful business at home but creating companies large enough to compete across borders.
Few stories capture that journey more clearly than Kaira Holding.
From cot to cosmetics
In 2009, Fode Kaira Yatabare launched his cosmetics company from a two-room apartment in Abidjan.
The apartment served as both home and office. Each night, he slept on a folding military cot that had to be packed away each morning to make space for work.
Today, Kaira Holding exports beauty and personal care products to 32 countries across Africa, Europe and the Middle East.
Products from Kaira Holding, an Ivory Coast-based cosmetics manufacturer, have expanded from a small apartment operation into an export venture serving 32 countries [AbdulHadi Heriba/Al Jazeera] “I belong to a new generation of African entrepreneurs who passionately believe in local manufacturing and value addition,” Yatabare told Al Jazeera.
“When we started, capital constraints were immense. We launched from a tiny two-room flat. We only managed to scrape together four million CFA francs [about $7,000] to start producing soap.”
The company has since invested in its own packaging, printing and manufacturing processes, reducing its dependence on imported inputs.
“Many people fail to realise that manufacturing costs in Africa can actually be lower than in China if you fully integrate your value chain,” Yatabare said. “This vertical integration has made us more competitive.”
Kaira Holding is now expanding its research capacity and preparing to enter new markets, including China.
The experiences of Petro Ivoire, Djamo and Kaira Holding do not represent the end of multinational influence in Ivory Coast. But they show how some African businesses are building an advantage by staying close to consumers, making decisions quickly and investing in their own capacity.
For Yatabare, that ambition reflects a changing mindset among entrepreneurs on the continent.
“Africa has changed,” he told Al Jazeera. “We are moving forward guided by a singular ambition: from Côte d’Ivoire to the world.”