Finance expert raises the alarm on low access to banking services in Senegal

May 19, 2011

A finance expert has urged financial institutions to work on improving the level of access to banking services in Senegal and promote a "more responsible" finance.

Mansour Ndiaye said last week in Saly, during a workshop on financial education, that only 12 per cent of Senegalese people have access to banking services, APS news agency reports.

"There is a phenomenon of impoverishment that is partly caused by the high interest rates", he explained, adding that there is "a distortion in the financial services offered as it does not give a choice to clients of microfinance institutions and banks".

One of the members of a microfinance support scheme Abdoulaye Diassé insisted on the importance of creating a training programme for decentralised banking services.

Last September, the Central Bank of West African States introduced a PR campaign to promote access to banking services and payment platforms inside the West African Economic and Monetary Union, including Senegal.

Its objective is to bring the rate of access to banking services in the region up to 20 per cent over the next five years.