Senegal
geo/senegal
When Digital Meets Traditional Banking: A New Concept in Senegal
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.
Africa SME Champions Forum: 300 African SMEs to get together
Date: 11 and 12 November 2014
Location: Dakar, Senegal
Will be participating in the Africa SME Champions Forum: 300 SME managers, more than 100 representatives of reputable financial institutions working on improving access to finance for SMEs and 50 organizations expert in non-financial services for SMEs.
SME Bank to be established in Senegal
“The challenge for the government has been to assist SMEs financially in order to foster a healthy economy and create jobs for the unemployed youths. Banks currently cover only 5% of funding requirements for SMEs,” an economist Musa Dairou said.