The Minister of Finance and Budget, Abdoulaye Daouda Diallo, and his colleague in Microfinance and Social and Solidarity Economy, Zahra Iyane Thiam Diop, presented to Queen Maxima of the Netherlands, special advocate of the Secretary General of the United Nations -United Senegal’s national financial inclusion strategy 2022-2026.
After Côte d’Ivoire, Queen Maxima of the Netherlands, no less special agent of the Secretary General of the United Nations for inclusive financing for development, exchanged yesterday, Thursday June 16, 2022, in Dakar, with the Minister of Finance and Budget, Abdoulaye Daouda Diallo, and that of Microfinance and Social and Solidarity Economy, Zahra Iyane Thiam Diop, on Senegal’s national financial inclusion strategy 2022-2026. This visit by Queen Maxima aims to advocate with the UN and other donors to develop the ecosystem in Africa, particularly in the West African Economic and Monetary Union (UEMOA).
With regard to the financing of this strategy, estimated at 17 billion FCFA, or 28.3 million dollars, the bulk of which will be mobilized from the State’s own funds and the rest from assistance from partners, the Minister of Finance Abdoulaye Daouda Diallo highlighted the constraints and challenges of financial inclusion in Senegal.
The financing of the National Financial Inclusion Strategy is structured as follows: 1,190 million, or 7% for the promotion and popularization of innovative financial products; 9,150 million, or 53%, for the development and implementation of the PNEF and awareness raising on consumer protection; State 7 billion (40%), i.e. a little less than half of the total amount; 3,710 million, or 22%, for the promotion of digitization (forums, workshops, popularization) and finally 3,155 million, or 18%, for the implementation monitoring system. In terms of constraints, he lists, among other things, insufficient income, low level of financial and digital literacy, lack of need, lack of trust and religious considerations. As for the challenges, he lists the best diversification and adaptation of products, the regulatory framework conducive to innovation, in particular the digitalization of financial services, technology and cybersecurity, access to diversified sources of refinancing internally such as externally for microfinance institutions, financial education and consumer protection, among others.
On the strength of this, Abdoulaye Daouda Diallo, did not fail to note the government’s efforts in the direction of developing the ecosystem. On this basis, he will say: “It is therefore quite natural that the IMF, the World Bank and the rating agency Moody’s have come to support our own economic forecasts, as regards a national economy in good health, resilience in the face of the crisis and which has, through its oil, gas, fiscal and financial potential, enormous assets to look to the future with serenity”.
Queen Maxima, for her part, invited the authorities to set up, in perfect synergy with the bodies, structures and institutions, a joint coordination which will be responsible for monitoring and monitoring the actions carried out or to be carried out.