Senegal: The BCEAO and commercial banks launch initiatives to increase access to banking services

Feb 02, 2012

The level of access to banking services in Senegal has increased in the past two years, going from seven percent in 2010 to 19 percent currently.

The level of access to banking services in Senegal has increased in the past two years, going from seven percent in 2010 to 19 percent currently.

According to Fatimatou Zahra Diop, director at the Central Bank of West African States (BCEAO) in Senegal, this increase is the result of an awareness campaign launched in September 2010 by the BCEAO, Le Griot newspaper reports.

The institution has organised public meetings and workshops with bank users, members of retail associations and students, in order to get them more interested in banks, bank accounts and cashless payment methods.

However, for the director, quoted by Le Griot, this rate remains low for a country such as Senegal, both " in terms of per capita income and general income, but also compared to other countries in the sub-region".

This is why the Bicis bank in Senegal last week launched the "Pack Trankil ", an offer that targets low-income populations with limited access to banking services.

"This initiative shows the willingness and commitment of the Bici to get involved in financing local economies, where the access to banking services rate is generally below ten percent", says the institution in a press release published in Sud Quotidien newspaper.

This pack, which only includes a standard bank account and a debit card, is priced at Fcfa 1000 (€1,52 ), a price that is, according to Bicis, " largely inferior to the usual start-up packages".ADNFCR-2976-ID-801281853-ADNFCR