Senegal: BNDE signs an agreement with Adepme

Feb 26, 2013

The National Bank for Economic Development (BNDE) of Senegal signed on February 15th a partnership agreement with the Agency for the supervision of small and medium-sized enterprises (Adepme), whose objective is to help labelling businesses and improve SME's access to finance.

The National Bank for Economic Development (BNDE) of Senegal signed on February 15th a partnership agreement with the Agency for the supervision of small and medium-sized enterprises (Adepme), whose objective is to help labelling businesses and improve SME's access to finance.

The BNDE, which is not yet operational, will help finance small and medium enterprises (SMEs),
Ngouda Fall, Secretary General of the Ministry of Economy and Finance, believes that this partnership can help create new funding mechanisms, which require fewer guaranties, "and these are craved by SMEs in Senegal," Jeune Afrique reports.

SMEs account for 90 per cent of Senegalese companies, contribute up to 33 per cent to the country's GDP and employ 42 per cent of the population. Despite these figures, these companies are still experiencing significant difficulties in accessing credit.

According to Jeune Afrique, 65 percent of SMEs disappear within twelve months, mainly due to the use of unsuitable short-term credits.

The BNDE was created to remedy this situation, but has not yet received its licence from the BCEAO.
However, its general manager, Thierno Seydou Sy Nourou, believes it should be obtained by August.ADNFCR-2976-ID-801546812-ADNFCR