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Distance Financial Services, Financial Inclusion Drivers (official)

DAKAR, November 28 (APS) – Long-distance financial services are an effective tool for boosting financial inclusion due to the low level of banking services recorded in Senegal, Mamadou Camara, a ministry of economy, Finance and Plan, said Wednesday.

"Given the low level of strict banking, which at 19.64% at the end of December 2017, today, remote financial services seem to be an effective means of enhancing financial inclusion," said Mr Camara.

These services "support multiple economic operators' access to diversified financial services at lower cost," he said during an exchange workshop with electronic money issuers and online payment companies.

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

According to the BCEAO National Director, Ahmedou al Aminou Lo, it is part of the same week of financial integration, which takes place for the first time in WAEMU, an event that BCEAO intends to organize each year.

The aim is to "develop strategies" to ensure that "all people excluded from financial services are included". And the best way to include them is to "rely on digital financial services, including mobile money […]".

In this context, the BCEAO National Director stated that "financial inclusion is not for the rich", but rather for low-income people and who have difficult access to bank financing.

"Now, with electronic money, you now have the opportunity to report your monthly turnover and from there, if you ever want a loan, you know from your e-money account what you are earning," explained Mr. Lo.

According to him, this dynamics of financial inclusion, that all actors are going through this week, is "replaced in order to define a regulatory framework for opening and what can be improved".

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