Senegal: MFIs encouraged to work together
Microfinance institutions (MFIs) in Senegal must work together to reach their common goal, which is to improve access to finance to the poorer population, reports the Agence de Presse Sénégalaise.Speaking during the general constitutive assembly of the first decentralised financial systems network of Saint-Louis, Coordinator of the Support Programme for Poverty Reduction Ousmane Ka also underlined the importance of MFIs operating as a network.
According to the expert, MFIs working alone stand no chance of providing the same type of financing they could do as part of a group.
By merging their knowledge, Senegalese MFIs could operate at their full potential and at the same time help poor populations access finance and "support families in their everyday activities".
At the beginning of December, Head of Cabinet for the Entrepreneurship and Microfinance Minister Dame Gay said that the microfinance sector was experiencing regular growth in the country.
In June 2011, the amount of credit given through it reached CFAF 177.55 billion (€27 million), the equivalent of 405,000 of active borrowers.