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Remote financial services, financial integration drivers (official)

Dakar, November 28 (APS) – Remote financial services are an effective lever for enhancing financial integration, given the low level of banking services noted in Senegal, said Mamadou Camara, an official at the Ministry of Economy, Finance and Plan, on Wednesday.

“Given the low level of strict banking services, which at the end of December 2017 was 19.64%, today, remote financial services are an effective means of strengthening financial integration,” said Mr. Kamara.

These services “facilitate the access of a greater number of economic agents to diversified financial services at a lower price,” he said during an exchange seminar with e-money and online payments issuers.

This meeting is jointly organized by the Financial Services Quality Observatory (OQSF) and the Central Bank of West African States (BCEAO).

According to the national director of BCEAO, Ahmad al-Amin Lo, he is part of a financial integration week organized for the first time in the WAEMU space, an event that BCEAO intends to organize annually.

The goal is to “develop strategies” to ensure the inclusion of “all people excluded from financial services”. And the best way to turn them on, he says, is “to rely on digital financial services, including mobile money […]".

In this regard, the national director of BCEAO said that “financial inclusion is not for the rich”, but rather for people with low incomes and who have difficult access to bank financing.

“Now, with the help of electronic money, you now have the opportunity to report your monthly turnover, and from there, if you ever want to receive a loan, you know from your e-account what you earn. Explained Mr. Law.

According to him, it is in this dynamic of financial integration that all participants go this week, “to exchange, to determine the regulatory framework for discoveries and what can be improved.”

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