Banking of low incomes
Description
The flagship reform “Banking of Low Incomes” aims to facilitate the financing of actors constituting the essential part of the economic fabric of the country, by removing all constraints linked to access to the banking and financial system, in particular by holding accounts. . The implementation of this reform is structured around the following two axes:
- The development of “Low Income Banking” in peri-urban and rural areas, through the adoption of a regulatory framework allowing the development of innovative and lower-cost channels, in particular mobile banking;
- Improving access to microfinance.
Methods of implementation
The flagship reform “Banking of low incomes” is implemented by the Ministry of Microfinance and the Social and Solidarity Economy. The main stakeholders who actively participate in the implementation of the activities of the Flagship Reform are: the BCEAO, the Association of Professionals of Decentralized Financial Systems (AP-SFD), the Directorate of Regulation and Supervision of SFDs (DRS/ SFD), the Program for the Development of Islamic Microfinance in Senegal (PROMISE), the Microfinance Impulse Fund (FIMF), the Microfinance Directorate (DMF).
The implementation is mainly based on three important projects which are the Sector Policy Letter for Microfinance and the Social and Solidarity Economy, the National Financial Inclusion Strategy and the National Financial Education Program.
