Senegal: New system launched to help SMEs access credit

Mar 16, 2012

Small and medium enterprises (SMEs) will soon have better access to finance thanks to an agreement recently signed between the International Bank for Trade and the Industry of Senegal (BICIS) and the French Insurance Company for External Trade, reports the Agence de Presse Sénégalaise.

Small and medium enterprises (SMEs) will soon have better access to finance thanks to an agreement recently signed between the International Bank for Trade and the Industry of Senegal (BICIS) and the French Insurance Company for External Trade, reports the Agence de Presse Sénégalaise.

The partnership between the organisations, which was signed on March 15th, focuses on the acquisition of a system enabling SMEs to have better access to finance.

According to Chief Executive Officer of BICIS Amadou Kane, it is hoped the system will enable Senegalese SMEs to access different types of finance without needing to use traditional collateral.

They should also be able to boost their turnover, improve the management of assets and expenditure and guarantee commercial reserves.

SMEs represent 90 percent of Senegalese enterprises, contribute 33 percent of the country's gross domestic product and employ 42 percent of the its population. Despite those numbers, they are the sector that encounters the most problems when trying to access credit.
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