Growing market in Senegal for mobile banking

imageedit 2 9491708930The panel at the launch of the Senegal-UK Chamber of Commerce. (Image source: Georgia Lewis)At the launch of the Senegal-UK Chamber of Commerce, held this week in London, the growth of the West African country's mobile banking sector was highlighted by the panelists

Babacar Ka, principal, Development Partners International, said that there is a lot of growth in the mobile banking sector.

Catherine Wines, founder of WorldRemit, reiterated Mr Ka's comments on mobile banking: "With less than 50 per cent of Senegalese having access to a bank account, [customers can instead have] an account linked to their mobile number - by sending a text, you can make payments and access financial services ... this is a big development."

WorldRemit only offers money transfers online and by mobile phones. Ms Wines said that there is scope for "a lot more activity" in the mobile banking space in Senegal. When the panellists were asked why Senegal was a good country for investment, Ms Wines mentioned the "young workforce", a mobile phone-savvy group who could be paid via their mobile phones rather than traditional methods of salary transfer.

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