National Strategic Financial Inclusion Plan (NSIP) and Operationalization in Senegal

Project Development Objective (PDO)

This project aims to support the Senegalese Authorities in adopting a comprehensive, coordinated and prioritized national strategic implementation plan to expand financial inclusion for individuals and MSME finance and strengthening the regulatory framework for financial consumer protection to promote responsible financial inclusion.


The financial sector in Senegal is dominated by banks. In 2014, there were 26 credit institutions, including 23 banks and 3 specialized financial institutions, with assets worth $2734.6 billion FCFA in 2014, or 60% of GDP. Senegal has a sizeable and growing microfinance sector and microfinance institutions are allowed to take deposits. The microfinance customer base has continuously increased over the past decade totaling 2.6 million customers in September 2016. Digital financial services are growing rapidly in Senegal, with around 3 million mobile money accounts, with only less than 40% active over a 30-day period (over 80% are held by one e-money issuer) which has around 5,000 agents). Despite the relative good progress, financial inclusion remains insufficient both in terms of access and usage. This project therefore will assist the Authorities in Senegal to promote greater financial inclusion by supporting the development of a National Strategic Implementation Plan (NSIP) and strengthening the financial consumer protection framework. Although there some recent improvements, the overall number of accounts and access points remains low: 1.3 million accounts in 2014 – for 8 million adults – 381 branches and 409 automatic teller machines or ATMs (0.5 million accounts in 2005 and 0.7 million in 2010). Similarly, the percentage of adults who have reported having used financial services remains low. According to the global Findex 2014, 11.9% of adults had an account at a financial institution (15.4% if mobile money is included). One of the most cited reason by Senegalese adults for the low level of access, is the fact that financial services are too expensive. According to Global Findex 2014 , women represented only 39% of total customers and 28% total credit and only 11.4% of adult women reported having had an account in 2014; Young people (15-24), only 6.8% of young adults reported having had an account in 2014; Only 4.9% of the poorest 40% adults reported having had an account in 2014; and in rural areas only 9.4% of rural adults reported having had an account in 2014 (Global Findex).


This technical assistance project includes the following activities: 
1. Support the drafting of a national Strategic Implementation Plan with prioritized, time-bound action plan mapping out initiatives to adequately cover key areas such as women, youth, rural, agricultural finance 
2. Supporting consultation workshops with all relevant stakeholders; and capacity building workshop on financial inclusion issues for the members of the working groups 
3. Support the development of the monitoring & evaluation for the Secretariat of NSIP 
4. Implementation of reforms on financial consumer protection

Expected Outcomes

The main expected outcomes of the project include the following:
1. National Strategic Implementation Plan (NSIP) approved
2. Implementation of reforms on financial consumer protection including effective handling of complaints