Senegal: When Digital Meets Traditional Banking: A New Concept in Senegal

[CGAP]Washington DC -With only six percent of the adult Senegalese population having an account in a formal financial institution, commercial banks in Senegal have so far shown little interest in contributing to financial inclusion by serving this vast untapped market. Microfinance institutions (MFIs) have been the only financial institutions attempting to reach down-market but this has not reached substantial scale. Banks in Senegal, as in other WAEMU countries, are very cautious. And despite the opportunity, most are relucta