Thousands have taken to the streets of the capital of Mali to carry out the coup against Ibrahim Boubacar Keita.
Coup leaders arrested Mr Keita on Tuesday and forced him to resign, causing worldwide condemnation.
But Mr Keita was facing huge street protests before his arrest and many in Mali have welcomed his removal.
Thousands gather in Bamako’s Independence Square to the sound of vuvuzelas, with many declaring victory over the former president.
“I’m glad we won. We came here to thank all the people of Mali, because it is the victory of the people,” Mariam Cissé, an opposition leader, told AFP news agency.
“IBK has failed,” said retired soldier Ousmane Diallo, with a common reference to the ousted president by his initials. “The people are victorious.”
He warned, however, “the army should not think they can stay in power now”.
West African leaders have called for Mr Keita to be reinstated and the UN says all those detained must be released.
But coups say they are talking to opposition parties about appointing a transitional president, who could be civil or military.
Mali has several jihadi groups in its northern deserts and there are fears that they could take advantage of the coup.
They did so after the previous military takeover in 2012.
The coups have promised to respect international agreements on fighting jihadists. Thousands of French, African and UN troops are stationed in the country to attack the militants.
In another development, an opposition leader abducted by militants in March ahead of disputed elections wrote letters to his family, the International Committee of the Red Cross said. This is the first contact they have had since Soumaïla Cissé was seized in a case that shocked the country, reports the AFP news agency.
Mr. Keita has won a second term in elections in 2018, but since June has received enormous street protests over corruption, mismanagement of the economy and contested legislative elections.
There has also been anger among troops over pay and the conflict with jihadists, who have killed scores of soldiers in the past year.
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Where is Mr Keita now?
The United Nations mission in Mali says its human rights team has visited him, and other officials detained by the leaders of this week’s coup.
It says they are still being held in the Kati military camp outside the capital Bamako, where the coup began, but gave no further details.
The army says two detainees have been released – the finance minister and the former president’s private secretary – but that another 17 detainees are being held.
Who are the coups?
Col Assimi Goita, 37, has introduced himself as leader of the new military junta, which calls itself the National Committee for the Human Rights (CNSP).
Col Goita was the head of Mali’s special forces and led the operations against the 2015 jihadist attack on the Radisson Blu hotel in Bamako.
He is thought to have received military training from France, Germany and the US, and participated in the UN peacekeeping mission in the Darfur region of Sudan.
Other members of the junta include Col Malick Diaw, vice president of the CNSP, and Col Wagué, the state president of the Air Force.
What does the opposition say?
One of the parties in the M5 opposition coalition, CMAS, said it would support the coup leader in “developing a roadmap” for new elections and called the meetings on Friday “to celebrate the victory of the Malian people”.
After meeting with the coup leaders, the head of Mali’s opposition M5 movement, Conservative Imam Mahmoud Dicko, announced that he would withdraw from politics. No reasons were given.
Mr. Dicko was one of the main figures in the huge street protests that Mr Keita asked to be fired.
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