Microfinance au Sénégal, tremplin d’émancipation ou simple bouée de survie
In Senegal, as throughout the West African Economic and Monetary Union (WAEMU), microfinance has established itself over the past two decades as a key player in financial inclusion. According to the Central Bank of West African States (BCEAO), decentralized financial systems served more than 18 million beneficiaries in the Union in 2024, with outstanding loans exceeding 2.5 trillion CFA francs. In Senegal, institutions such as PAMECAS, CMS, and ACEP provide access to thousands of women's groups, traders, and micro-entrepreneurs excluded from traditional banking services.
The contribution is undeniable. In a country where the informal sector accounts for over 90% of employment, according to the Directorate of Forecasting and Economic Studies, access to microcredit makes it possible to launch a business, stabilize a fragile cash flow, or cope with an unexpected expense. Microfinance also offers savings and transfer services that help stabilize household incomes. It often represents the first formal interaction with a financial institution.
However, the nature of the loans granted raises questions. The amounts remain modest, frequently less than one million FCFA, and the terms are short. They primarily finance retail trade, artisanal processing, or seasonal activities with low productivity. These uses meet immediate needs but rarely generate capital accumulation capable of sustainably transforming the productive structure.
The cost of credit also deserves attention. The rates charged by microfinance institutions, regulated by the BCEAO's usury ceiling, remain higher than those of banks due to operational costs and perceived risk. For borrowers with limited financial resources, weekly or monthly repayments can absorb a significant portion of their income. Credit then becomes a cash flow management tool rather than an investment lever.
This ambivalence fuels the debate. Microfinance reduces exclusion, but it is not enough to trigger an economic upgrading. The lack of pathways to larger-scale financing, insufficient technical support, and the low level of formalization of activities limit its long-term impact. In some cases, repeated indebtedness keeps beneficiaries trapped in a survival mode rather than a growth mode.
To take things to the next level, the key lies in linking microfinance, entrepreneurial training, and gradual access to bank credit. Public guarantee schemes, products tailored to agricultural or artisanal value chains, and better use of credit data could enable successful borrowers to move towards more structured financing.
Microfinance is neither an illusion nor a panacea. It represents an essential link in a still-developing financial ecosystem. Its effectiveness will depend on its ability to move beyond simply supporting subsistence and become a genuine instrument for economic advancement.
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