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Cabo Verde economic and financial sector developments

Updated 2 times since CLSTR started tracking revisions of this situation.

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2026-08-18 09:23 UTC → 2026-08-23 10:22 UTC · added removed

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 growth improvement was supported driven by increased public revenue, revenue and reduced debt interest, and surpluses in 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 driven also recorded a surplus of 11,035.7 million escudos, supported by tourism service exports and emigrant remittances. Additionally, the The telecommunications sector saw expansion, with fixed continues to expand. Fixed broadband access increasing grew by 12.9% year-over-year. However, year-over-year, reaching 51,020 subscriptions, while fixed telephony services saw a 1.55% increase in the financial sector has faced rising consumer grievances. According first quarter of 2026 compared to the Banco de Cabo Verde (BCV) Behavioral Supervision Report, complaints same period in 2025. CVTelecom dominates the telephony market with a 99.3% share. However, the financial sector rose in 2025 to a total of faces rising consumer grievances and security risks. In 2025, the BCV reported 278 cases. The total complaints, with the banking sector accounted accounting for 245 88% of these complaints (88%), representing an 11.87% increase from 2024, while the insurance sector saw 33 complaints, a 26.9% increase. cases. A significant driver of this rise was a 150% surge in banking fraud, which surged by 150%, increasing from 10 cases in 2024 to 25 in 2025. Identified fraudulent activities include including unauthorized ATM withdrawals, unauthorized online payments, phishing, and fraud committed by bank employees. Digital service complaints also grew, with consumer credit complaints rising by 90.9% and internet banking complaints increasing by 60%. Regarding specific institutions, BCA recorded 49% of banking complaints, followed by BI at 19% and CECV at 16%. Geographically, While the island of Santiago accounted for 71.4% insurance sector saw a 26.9% increase in complaints, it remained a smaller portion of all processes. In response to these trends, the BCV implemented 25 supervisory measures in 2025 total volume compared to address non-compliance and reinforce conduct duties among financial institutions. banking issues.

Versions

  1. 2026-08-23 10:22 UTC Cabo Verde economic and financial sector developments
  2. 2026-08-18 09:23 UTC Cabo Verde economic and financial sector developments
  3. 2026-08-18 09:22 UTC Cabo Verde economic and financial sector developments

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