Enhancing Financial Capability and Inclusion in Senegal: A Demand-side Survey
The World Bank has implemented this financial capability survey in response to a request from the Ministry of Finance and Economy (MEF) of Senegal. Senegalese authorities have embarked on several reform initiatives to improve the operational and legal environment of the financial sector. As part of this goal, financial inclusion, financial capability and consumer protection are important priorities for the Senegalese government, as critical elements in building an inclusive financial system. Senegalese authorities thus seek to identify sustainable methods of delivering financial education through effective partnerships.
This survey constitutes a key diagnostic tool that aims to guide the authorities on the models for delivering financial education and to set quantifiable and concrete targets. Moreover, it serves as a baseline to assess a detailed national financial inclusion strategy (NFIS) and an action plan for implementing reforms to make the financial sector more inclusive and access to credit for SMEs easier. The key findings and recommendations presented in this report cover three main areas:
- Financial Inclusion;
- Financial Capability;
- Financial Consumer Protection.