Financial Sector Overview

Senegalese craft

Income Group: Low Income

Senegal’s financial sector is at a level of development comparable to other countries in the low-income group, but is smaller in size than the regional average.

Based on a cross-country comparison, net interest margins, bank cost-income ratios, and bank overhead costs show that the efficiency of the banking system is lower than both income-group and regional averages. However, the ability of the financial sector to channel funds to the private sector, as indicated by the ratio of private sector credit to GDP, is higher than for income-group peers and in line with the regional average.

Read the full financial sector profile