Senegal: Access rate to banking services reaches 19 percent

Aug 12, 2011

The PR campaign for the promotion of banking services and cashless payments in the West African Economic and Monetary Union has been successful, it has been claimed.

Director for Senegal at the Central Bank of West African States Fatimatou Zahra Diop said the PR campaign for the promotion of banking services and cashless payments in the West African Economic and Monetary Union (WAEMO) has been successful.

The initiative, launched by the central bank on September 23rd 2010, has just ended.

According to Ms. Diop, Senegal went from a rate of access to banking services of 6.2 percent in 2009 to 19 percent at the end of 2010, Le Soleil newspaper reports.

This means the country is nearer the 20 percent target, fixed by the WAEMO for 2012.

In addition to the affect of the PR scheme, Ms Diop mentioned the decision of the government to make it compulsory for workers to use bank transfers and cheques for any payment above 100,000 CFAF (€152) as a factor contributing to the increase in the access rate to banking services.

"When it will be assessed in two or three years, the impact of this campaign may allow us to reach an access rate to banking services of up to 50 percent", she was quoted by APS news agency as saying.
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