Financial Crime World

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Senegal Struggles with Banking Regulations Compliance

As Senegal continues to push for financial inclusion, its banking regulations compliance remains a major challenge.

Access to ATMs and Mobile Money Agents

  • Only 52.8 ATMs per 100,000 people, lagging behind in terms of access to ATMs
  • Limited number of registered mobile money agents, with only 1,500 outlets normalized based on population

Financial Inclusion Gap

  • An estimated 43% of the adult population remains unbanked
  • The gap is even more pronounced among rural communities, where only 25% of respondents have access to accounts compared to 55% in urban areas

Mobile Connectivity and Digital Payments

  • Senegal’s mobile connectivity index scores relatively low, with a score of 62 out of 100
  • High cost of data-only mobile-broadband plans, with the cheapest plan available at $15 per month for 2GB of data
  • Limited options available for digital payments, including only e-KYC allowed methods reported

Digital Identification and Remote Account Opening

  • Introduction of digitally enabled ID cards for individuals
  • Limited remote account opening process, with only e-KYC allowed methods reported

Financial Consumer Protection and Payment Infrastructure

  • Unclear financial consumer protection (FCP) legal framework
  • No structured supervision structure in place
  • Underdeveloped payment infrastructure, limiting options for digital payments

Innovation Facilitators and Account Ownership

  • Senegal has not established a structured framework for innovation facilitators, although some regulators have expressed interest in creating an environment conducive to fintech growth
  • Low account ownership, with only 35% of respondents reporting having an account at a bank or financial institution
  • Significant gender gap in account access, with 45% of male respondents having access compared to 25% of female respondents

Digital Payments and Savings Rates

  • Only 20% of respondents reported using mobile money, debit cards, or credit cards to make a payment in the past year
  • Low savings rates, with only 15% of adults reporting savings at a financial institution or through mobile money accounts

Government Transfers and Wages

  • Often received in cash, rather than being directly deposited into accounts
  • Only 10% of wage recipients reported receiving wages directly into their bank accounts

Mobile Money Prevalence Index

  • Senegal’s mobile money prevalence index scores relatively low, with limited adoption and activity among mobile money users
  • Addressing these challenges will be crucial for the country to achieve its financial inclusion goals and promote economic growth.