Senegal features a broad and diverse financial landscape, in which people tend to use a combination of different financial institutions, both formal and informal, digital and non-digital. Social networks, including family and friends, are crucial to fulfilling financial needs, allowing borrowing for basic consumption and trusted advice. While overall inclusion is low (15 percent), there are a number of factors in place for greater uptake of financial services, particularly digital financial services. Two thirds of the population live within five kilometers of a mobile money, banking agent or a store or kiosk with over-the-counter services. Most of the population owns a mobile phone, has experiencing with SMS messaging and is aware of mobile money. There are barriers, though, around education, literacy and comfort with financial mechanisms that must be overcome to transition the population from excluded to included.

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Financial Inclusion

Total Financially Included
Financial Inclusion Breakdown By Accounts

Inclusion By Demographic

Inclusion By Gender
Inclusion By Urban
Inclusion By Age
80% of Senegalese adults are aware of at least one mobile money provider.

What percent of the population is aware of at least one mobile money provider, but has not used mobile money?

A. 28 percent
B. 36 percent
C. 54 percent
D. 72 percent
D. 72 percent

What is the most important financial goal for the typical Senegalese adult?

A. Making more money
B. Building or upgrading home
C. Paying school fees
D. Taking care of relatives
B. Building or upgrading home

True or false

Most Senegalese have used a digital financial service

True – 55 percent have used digital financial services

Which mobile money provider has the largest market share?

A. Orange
B. Vitfe
C. Tigo
D. Other
A. Orange

True or false

Over-the-counter use is more relevant than registered account use of all registered account services (i.e., bank, mobile money and NBFI) combined.

True – 52 percent of adults have used OTC services

True or false

Of Senegalese adults who save money, saving informally at home is the most frequently used method

True – 48 percent of Senegalese savers report saving at home