With only six percent of the adult Senegalese population having an account in a formal financial institution, commercial banks in Senegal have so far shown little interest in contributing to financial inclusion by serving this vast untapped market. Microfinance institutions (MFIs) have been the only financial institutions attempting to reach down-market but this has not reached substantial scale. Banks in Senegal, as in other WAEMU countries, are very cautious. And despite the opportunity, most are reluctant to build the adequate expertise or adapt their policies and procedures required to reach low income people. With the launch of its subsidiary Manko in 2013, Société Générale de Banques au Sénégal (SGBS) is one of the few commercial banks challenging the status quo. Equipped with two interesting features, the model could potentially disrupt the market and redefine the role of banks in Senegal and WAEMU more broadly.
