Financial Crime World

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Senegal: Fighting Financial Crime Through Awareness Campaigns

Senegal has made significant strides towards boosting financial inclusion over the past decade, with a remarkable increase in access to formal financial services from 15% in 2014 to 56% last year, according to the Global Findex report 2021. However, despite this progress, a staggering 44% of adults still lack access to basic financial services such as credit, savings, and insurance products.

Addressing Challenges

To address these challenges, Queen Máxima, United Nations Special Advocate for Inclusive Finance, recently visited Senegal from June 15-16 to discuss the country’s progress and identify opportunities for growth. During her visit, she met with top government officials, international development partners, and members of the private sector to explore ways to promote financial inclusion.

Key Priorities

The UNSGSA focused on four key priorities during her meetings:

  • Implementing Senegal’s National Financial Inclusion Strategy (NFIS) effectively
  • Expanding digital public goods to facilitate participation in the digital economy
  • Boosting financial services for micro, small, and medium-sized enterprises (MSMEs)
  • Promoting regional reforms

Progress and Challenges

Senegal has made significant progress towards achieving its NFIS goals, including increasing financial inclusion rates among adults to 65% by 2026. However, Queen Máxima emphasized the need to implement the strategy effectively, with oversight committees, time-bound action plans, and monitoring and evaluation structures.

To expand digital public goods in Senegal, the UNSGSA urged President Sall to push for swift passage of draft laws on electronic transactions, cybersecurity, personal data, and information disclosure. She also highlighted the importance of developing a fully operational fintech association at the national level, including data sharing, and plans for Dakar to become a strong regional fintech hub.

Boosting financial services for MSMEs is vital to bringing more people into Senegal’s formal financial system. The UNSGSA emphasized the need to strengthen market-based MSME finance through strengthening the operations and governance of the Fonds de Garantie des Investissements Prioritaires (FONGIP) and supporting the establishment of the Oyass Fund, a US$100 million hybrid SME acceleration fund providing long-term financing to SMEs.

Regional reforms will also play a crucial role in improving financial inclusion in Senegal and its neighboring countries. Queen Máxima urged President Sall to advocate for completion of the regional payments interoperability project, advancement on draft laws modernizing the microfinance and banking sectors, and a comprehensive regulatory approach to fintech.

Conclusion

Senegal’s progress towards achieving greater financial inclusion is being driven by digital payments and has been strengthened by the country’s adoption of a National Financial Inclusion Strategy in early 2022. However, despite these gains, many individuals, particularly women, small business owners, and smallholder farmers, still lack access to basic financial services.

The UNSGSA visited Senegal with support from partners including the Better than Cash Alliance, Bill & Melinda Gates Foundation, Consultative Group to Assist the Poor, and the World Bank. Her visit aimed to promote financial inclusion and address financial crime in Senegal through awareness campaigns.