While mobile money has only recently begun to reshape the financial inclusion landscape in Senegal, a well-established microfinance sector, the largest in the West African Economic and Monetary Union (WAEMU) with 27% of WAEMU total deposits and 36% of WAEMU’s total gross loan portfolio remains key to increasing access to financial services for low income people. This explains why Senegal’s Maya Declaration focuses on strengthening these two channels as they aim to achieve financial inclusion across the nation. Specifically, the Ministry of Economics and Finance plans to strengthen these market actors by improving their risk management and fostering an environment that encourages the development of diversified financial services. While the country’s declaration makes a push toward financial inclusion, a need for a more concrete strategy moving forward remains; MIX’s mapping of financial inclusion in Senegal can support the Ministry as they work to develop more detailed and measurable goals.
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