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Senegal: New figures highlight rise in fast money transfers

13.03.2015

Senegal credit facilities received Cfaf876.8 billion last year.

Fast money transfers received by Senegal credit facilities reached Cfaf876.8 billion (€1.3 billion) in 2014, up 5.3 per cent from the previous year, according to new figures the Directorate of Forecasting and Economic Studies (DPEE) seen by Lejecos newspaper.

In the fourth quarter of 2014, the amounts received through fast transfers are estimated at Cfaf221.3 billion, recording a seasonal decline of 12.1 per cent compared to the third quarter, and a rise of 1.1 per cent year on year.

Meanwhile, fast money transfers by credit institutions in Senegal reached Cfaf12.7 billion in 2014, up 3.5 per cent compared to 2013.

Remittances are one of the main sources of income for thousands of families in Senegal. According to estimates by the World Bank, they account for about five per cent of gross domestic product (GDP).ADNFCR-2976-ID-801779533-ADNFCR