Senegal
About the country
Previously, financial inclusion strategies were focused more on people's access to low-income to savings and credit services through microfinance institutions (MFIs). In this regard, the country has made great progress in bringing today's banking rate to over 20%. As of June 30, 2013, the microfinance sector has just under 2,000,000 members involved in activities grouped around three main networks, namely CMS, PAMECAS and ACEP.
Senegal is a member of CIMA (Conférence Interafricaine des Marchés d'Assurances), a regional body of the insurance industry that regulates the practice of insurance in 14 countries in Francophone Africa (Niger, Mali, Senegal, Guinea Bissau, Ivory Coast, Burkina Faso, Togo, Benin , Gabon, Equatorial Guinea, Congo, Central African Republic, Chad and Cameroon). At the national level, the sector is regulated by the Ministry of Economy and is financed by the Department of Insurance. The national government has also set up a body responsible for the mediation of disputes arising from the execution of insurance contracts, l’observatoire de la qualité des services financiers (OQSF).
Our engagement
In collaboration with the Department of Insurance and the support of UNCDF, the Facility has began to work on the national strategy for the development of microinsurance.
The Workshop on the creation of a strategy for development of microinsurance in Senegal was held August 7, 2014 in Dakar. The workshop report and the presentation is available here (in French).
The Learning session on new opportunities in microinsurance held the next month, on September 30, 2014 in Dakar. The session report and the presentations are available here (in French).
A training on Introduction to microinsurance and its business case training was conducted on January 20 to 22, 2015 Dakar. It was attended by over twenty participants. Overall, they rated the training as good, with a rating of 4.57 out of 5.
Market development results
You can read more about the market development results in Senegal:
Lessons
Read more about the lessons extracted from Senegal in our resources here.
