2016年-世界发展银行全球_Enhancing_Financial_Capability_and_Inclusion_in_Senegal___A_Demand-Side_Survey_117页_13mb

Summary of the Financial Capability and Inclusion Survey in Senegal

Core Content

This report presents the findings and recommendations of a financial capability and inclusion survey conducted in Senegal in 2016. It provides a comprehensive overview of the financial behaviors, knowledge, and attitudes of Senegalese adults, and explores the relationship between financial inclusion and financial capability. The survey also evaluates the effectiveness of financial consumer protection mechanisms and highlights areas for improvement in the financial sector.

Main Findings

Financial Inclusion

• 17% of surveyed Senegalese adults have a formal account in a financial institution (bank, MFI, or e-money agent).
• The top income quartile is more likely to be financially included (24%) than the bottom quartile (7%).
• Men are more likely to have a formal account (22%) than women (13%).
• Urban residents (22%) are more likely to be financially included than rural residents (13%).
• 66% of adults do not use credit products.
• 71% of adults do not save money or use savings products.
• Money transfer services are the most used financial services (53%), followed by commercial/postal banks (29%), microfinance institutions (10%), and e-money agents (9%).
• Only 5% of the population use mobile financial services such as e-money, despite 75% being familiar with them.
• Branchless banking, low-cost accounts, and diversified financial services for the poor are recommended to improve financial inclusion.

Financial Capability

• On average, adults correctly answer 3.5 out of 7 financial literacy-related questions.
• 92% can perform simple divisions, 59% understand the purpose of insurance, and 31% can compare bargains.
• Adults are familiar with products from 3.6 providers on average.
• Money transfer services (82%), e-money agents (72%), commercial/postal banks (69%), and money changers (60%) are the most known financial products.
• Only 8% are familiar with brokerage houses.
• Strong areas of financial behavior include living within one's means (73%), monitoring expenses (72%), and planning for old age (70%).
• Weak areas include saving for the unexpected (31%) and choosing financial products (20%).

Financial Consumer Protection

• 11% of respondents experienced a conflict with a financial service provider in the past 3 years.
• Only 21% of them took action to resolve it.
• Legal courts and social circles are rarely used to resolve disputes.
• The main reasons for not resolving disputes include:
  • Perceived power of financial providers (71%)
  • Lack of trust in authorities (66%)
  • Unfamiliarity with government agencies (52%)
• The Financial Consumer Protection Department (FCPD) and BCEAO are recommended to improve consumer rights and dispute resolution mechanisms.

Key Recommendations

Financial Inclusion

• Continue to develop the National Financial Inclusion Strategy (NFIS).
• Allow and advocate for branchless banking.
• Encourage the use of basic transaction accounts at no or low cost.
• Promote diversified financial services tailored to the poor.

Financial Capability

• Develop a National Financial Capability Strategy (NFCS) or include a dedicated section in the NFIS.
• Share survey results with financial institutions to develop tailored products.
• Use a variety of programs, including mass media, text messages, and mobile applications, to enhance financial knowledge.
• Explore school-based financial education to improve financial literacy among youth.

Financial Consumer Protection

• Introduce Key Facts Statements (KFS) and develop specialized disclosure requirements.
• Assess regulatory actions to improve consumer rights and recourse.
• Review and enhance minimum standards for complaints handling.
• Enforce compliance with consumer protection requirements using market conduct tools.
• Empower the OQSF to function as an independent external dispute resolution (EDR) mechanism.

Conclusion

The survey highlights the need for improving financial inclusion and capability in Senegal, particularly among women, rural populations, and the poor. It emphasizes the importance of targeted interventions, education, and stronger consumer protection mechanisms to support financial stability and economic growth. The findings provide a foundation for policy development and strategic planning in the financial sector.