Senegal: Banks Provided $ 7.5 Million in Private Sector Loans in 2017

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AMADOU BA, MINISTER OF ECONOMICS, FINANCE AND PLAN

Senegalese banks have had a generous hand for the Senegalese private sector. In fact, these institutions granted the sector an amount of CFAF 4 209.1 billion ($ 7.5 million) in 2017 in terms of credit, compared to CFAF 3,243.9 billion ($ 5.8 million). in 2016, an increase in relative value of 16.5%.

According to the data provided by the Joint Annual Review (RAC) of the Ministry of Economy, Finance and Planning to the press on Tuesday, July 31, these loans accounted for 33.7% of GDP against 28.4% in 2016.

Credits mainly for commerce, hospitality, manufacturing and community services.
“Average lending rates (interest rate expressed as a fixed or variable percentage applied to borrowed capital or the amount of credit used on an annual basis) increased to 6.0% in 2017 from 5.7%. % in 2016. However, these rates remain the lowest in the West African Monetary Union (WAEMU), which recorded a rate of 7.0% in 2017, “notes the document from the RAC.

As of December 31, 2017, Senegal’s banking landscape consisted of 29 credit institutions (25 banks and 4 bank financial institutions) compared to 27 credit institutions in 2016.

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