Senegal: Launch of a new range of banking services targeting low-income populations

May 08, 2013

The Societe Generale Group has announced the launch of a new concept in Senegal designed to improve access to banking for "small and regular" earners.

The Societe Generale Group has announced the launch of a new concept in Senegal designed to improve access to banking for "small and regular" earners.

The range of financial products and services - called "Manko" - uses the mobile phone as a "single electronic payment instrument" to access money transfer and bill payment but also credit and savings, said Societe Generale in a statement released by the APS news agency.

"For the first time in Senegal, all banking products and services are now fully accessible via mobile phone," states the document.
The range of banking products is simplified and adapted to the needs of individual customers, micro-entrepreneurs and very small businesses, adds the bank.

Manko -
which relies on mobile payment service Yoban'tel - opened its first branch
on
Monday, April 29th
in Dakar.Manko agents will also tour Dakar to create awareness and 15 retail partners will enable customers to deposit and withdraw cash on a daily basis for free.

According to figures from the Department of
microfinance, 80 percent of Senegal's population has no access to the formal financial system and only eight percent owns a bank account, while the mobile penetration rate is 77 percentADNFCR-2976-ID-801582279-ADNFCR