Amid the rapid rise of financial technologies, Senegal is undertaking a major overhaul of its banking regulations.
This ambitious new law introduces significant innovations to align the sector with contemporary challenges.
One of the most notable advancements is the regulation of FinTech and electronic money, addressing the growing digitalisation of financial services. This modernisation is accompanied by enhanced banking governance, with the adoption of Basel II and III international standards, ensuring greater resilience in Senegal’s financial system.
The law also introduces innovative measures to democratise access to banking services. SMEs and individuals will benefit from new provisions facilitating access to credit, while strict oversight of banking fees and commissions will ensure more affordable services.
Special attention is given to Islamic finance, with the introduction of a dedicated regulatory framework to support its development. This initiative reflects a commitment to diversifying financial services to meet the diverse needs of the population.
Consumer protection is also reinforced through strengthened transparency and security mechanisms.
The Banking Commission’s powers have been expanded, and a crisis management framework has been established to safeguard customer deposits.
To combat illegal activities, the law also strengthens measures against money laundering and terrorist financing, aligning Senegal with international best practices.
This ambitious reform positions Senegal as a pioneer in banking regulation in West Africa, fostering an environment conducive to financial innovation while ensuring sector stability.
ARD/te/lb/as/APA