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3 clusters · 3 sources · 14 days · First seen · Last updated

Cabo Verde economic and financial sector developments

Overview

Cabo Verde has experienced contrasting developments in its economic and financial sectors. Macroeconomic data indicates a shift toward stability, with public accounts achieving a surplus of 1.1% of GDP in 2025, up from a deficit of 1.1% in 2024. This improvement was driven by increased public revenue and reduced debt interest. While public debt remains high at 115.7% of GDP, the Banco de Cabo Verde (BCV) describes the level as sustainable. The current account also recorded a surplus of 11,035.7 million escudos, supported by tourism service exports and emigrant remittances.

The telecommunications sector continues to expand. Fixed broadband access grew by 12.9% year-over-year, reaching 51,020 subscriptions, while fixed telephony services saw a 1.55% increase in the first quarter of 2026 compared to the same period in 2025. CVTelecom dominates the telephony market with a 99.3% share.

However, the financial sector faces rising consumer grievances and security risks. In 2025, the BCV reported 278 total complaints, with the banking sector accounting for 88% of cases. A significant driver was a 150% surge in banking fraud, including unauthorized ATM withdrawals, phishing, and fraud committed by bank employees. While the insurance sector saw a 26.9% increase in complaints, it remained a smaller portion of the total volume compared to banking issues.

Entities

Banco de Cabo Verde · BI · CECV · CVTelecom · Agência Angolana de Regulação e Supervisão de Seguros

Timeline

  1. 22 days ago

    [BUSINESS] 2 sources
    Financial regulators in Angola and Cabo Verde report rising consumer complaints

    Regulatory reports in Angola and Cabo Verde reveal rising consumer complaints in the insurance and banking sectors, driven by claim delays in Angola and a 150% spike in banking fraud in Cabo Verde.

  2. 26 days ago

    [BUSINESS] 2 sources
    Cabo Verde financial sector complaints rise in 2025

    Financial sector complaints in Cabo Verde rose in 2025, driven by an 150% increase in banking fraud and rising issues with digital services and consumer credit.

  3. about 1 month ago

    [BUSINESS] 2 sources
    Cabo Verde reports economic surplus and telecommunications growth

    Cabo Verde reports a public finance surplus of 1.1% of GDP and growth in telecommunications, including a 12.9% increase in fixed broadband subscriptions.

Sources

diarioeconomico.co.mz · forbesafricalusofona.com · ilhas.li

This summary has been updated 2 times: see revision history