Senegal receives 6bn franc CFA mobile banking development fund

Mar 01, 2011

Germany has allocated 6 billion franc CFA (€9.15 million) to help in the development of a mobile banking project in Senegal.

It was during a panel discussion organised by the Universite Gaston Berge (UGB), on February 24th that Berlin announced its investment to encourage the development of microfinance in rural areas.

This mobile banking project should help to correct the lack of credit offers available for those living in Senegal's countryside.

In an interview, Mouhamed Lamine Yade of the UGB explained to news source APS the big difference that existed between the service sector and the primary sector, as the latter only gets a tiny fraction of what the former receives in terms of credit opportunity.

This is not the first time that Germany becomes a financial sector backer. In 2009, the country donated 37.4 billion franc CFA to Senegal, in order to support its microfinance projects.