WAEMU Financial Inclusion Progress Reports Meeting Held on March 15, 2021

A meeting was held on March 15, 2021, to review progress on financial inclusion initiatives in West African Economic and Monetary Union (WAEMU) member states. The meeting highlighted several key developments that have contributed to the region’s financial inclusion efforts.

Country Reports

Niger

• A major milestone was achieved with the issuance of Order No. 00022/MF/SG/SE-SNFI on January 19, 2021, amending Order No. 60/MF/DGOFR/DMCE of February 23, 2017.
  • This order established the powers and membership of the national committee responsible for monitoring the implementation of the WAEMU Regional Financial Inclusion Strategy.
• The Executive Secretariat of the National Inclusive Finance Strategy became operational in 2021, with the recruitment of staff and the signing of three decrees governing the Inclusive Finance Development Fund (FDIF).
  • This enabled ten out of thirteen planned activities to be carried out during the year.

Senegal

• The Financial Inclusion Days (JIF) were organized for the third time in 2021.
  • The event brought together stakeholders from various sectors, including professional associations representing financial institutions, the United Nations Capital Development Fund (UNCDF) Regional Office in Dakar, and students.
• The main themes discussed during JIF included:
  • Anti-money laundering and terrorist financing efforts
  • Factors affecting financial inclusion among young people
  • Islamic finance
  • Financial education
  • Entrepreneurship
  • Digital economy
  • Banking insurance
• Significant progress was also made in drawing up the National Financial Inclusion Strategy, with the Technical Committee validating a draft framework document.

Togo

• The government adopted the country’s national financial inclusion strategy in December 2021.
  • The strategy aims to increase access to diversified, affordable, and adapted financial products and services among 75% of the adult population by 2025.
• The National Inclusive Finance Fund (FNFI) also continued its activities, launching the second phase of the “N’kodédé” product on August 19, 2021.
  • The funding for this product was increased from 5 to 10 million CFA F due to satisfactory results achieved during the first cycle.

Regional Level

• Efforts were made to promote financial inclusion through the implementation of the Single Regional Payment Area (SRIF) and the digital financial services interoperability project.
  • The SRIF aimed to set up a regional platform for instant account-to-account transactions, regardless of the type of accounts, instruments, channels or payment services used.
• The digital financial services interoperability project also made significant progress in 2021, with preparations for the deployment of a new platform and the drafting of regulatory frameworks and business plans.
  • The project aims to promote greater digitalization of financial transactions carried out by the public.

Conclusion

Overall, these developments demonstrate the commitment of WAEMU member states to promoting financial inclusion and improving access to financial services among their populations.