Ivorian back-to-school loans: paying fees, supplies and uniforms

Back to school, the peak spending period for Ivorian families

Enrolment in Abidjan private schools, COGES contributions, supplies, uniforms and transport all fall due at the same time in September. For a family with several children at school in Cocody or Yopougon, the bill often exceeds a month’s salary.

Banks’ school loan campaigns

Ecobank, BNI, NSIA Banque, Coris Bank, Société Générale and Bank of Africa open a school loan campaign every year, usually from late summer until the end of October. Amounts depend on salary and on the available repayment capacity.

Zero-rate offers before tax: read the conditions

Several banks advertise a zero or very low rate before tax. The tax on bank operations, insurance and arrangement fees are still payable, so the real cost is not zero for the borrowing parent.

A short term matched to the school year

Repayment is most often spread over ten to twelve months, so that it is cleared before the next school year. This avoids stacking two school loans, but the monthly payment remains high relative to the amount borrowed.

Civil servants and domiciled employees first

Like any salary loan, the school loan requires pay to be domiciled. State employees often benefit from agreements with BNI or other banks, while private-sector employees must generally show a stable employment contract.

Direct payment to the school or payment to the parent

Depending on the bank, the funds are paid into the parent’s account or directly to the school on presentation of an invoice. Direct payment secures the use of the loan and may be required for large amounts.

Compulsory schooling and costs in public schools

The policy of compulsory schooling for children aged 6 to 16 and the distribution of school kits reduce costs in public schools. Families must still pay for additional supplies, uniforms and transport, especially in Abidjan.

Microfinance: an alternative for the self-employed

Traders without a domiciled salary turn to institutions such as Crédit Access or savings mutuals, which offer school loans that cost more but are accessible. The rate must stay below the 24% ceiling that applies to microfinance institutions.

Saving all year for the next school year

Back-to-school tontines, mobile savings on Orange Money or Wave and bank savings accounts reduce the need for credit. Putting a little money aside every month noticeably eases the financial pressure of September for households.

After the baccalaureate: funding higher education

The school loan mainly covers primary and secondary school, from first grade to the final year. For university, the INP-HB or a private grande école, the options differ, as explained on our page about funding higher education in Côte d’Ivoire.

Comparing with families in Burkina Faso

In Burkina Faso, banks also offer back-to-school loans repaid from salary, under the same WAMU usury ceiling. The guide to school loans in Burkina Faso presents their practices and the school calendar in Ouagadougou.

Placing the school loan among your other debts

A parent already in debt for a home or a vehicle should check their remaining repayment capacity before the school year starts. The guide to credit in Côte d’Ivoire presents all available loans, their ceilings and the role of Creditinfo VoLo.

Getting a back-to-school loan in Côte d’Ivoire

1. List back-to-school expenses for each child: school fees, supplies, uniforms, transport and canteen.
2. Find out in August about your bank’s school loan campaign and its deadlines.
3. Gather the invoices or enrolment certificates the bank asks for.
4. Check your available capacity, taking into account loans already being repaid from your salary.
5. Sign the offer and follow the debits until the loan is cleared, before the next school year.

The real cost of an Ivorian school loan

Documents for a school loan in Côte d’Ivoire

• National ID card of the borrowing parent
• Recent payslips
• Salary domiciliation certificate
• School fee invoices or children’s enrolment certificates
• Children’s birth certificate extracts if requested

Back-to-school mistakes to avoid with school loans

• Waiting until late October to apply, when school loan campaigns often close around that time.
• Believing a 0% offer before tax is free and forgetting the tax, insurance and arrangement fees.
• Taking out a new school loan while last year’s loan has not yet been paid off.
• Paying fees to a fake agent offering quick back-to-school loans on WhatsApp without going through a branch.

Lenders to contact

• Advans Côte d'Ivoire: Microfinance institution of the Advans network, with branches in Abidjan and the regions, financing small businesses and households underserved by traditional banks.
• CBI Baraka Côte d'Ivoire: Islamic finance window of Coris Bank International in Côte d'Ivoire, launched in 2018 and supported by a dedicated Shariah compliance function.
• Coris Bank International Côte d'Ivoire: Ivorian subsidiary of the Coris banking group, a commercial bank offering accounts, banking services and financing to individuals and businesses.

Back-to-school loans in Côte d’Ivoire: what parents ask