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Senegal to focus on digitisation of payments for economic growth

Economic growth would benefit by more US$177mn per year if Senegal digitised half of all national payments. (Image source: Better Than Cash Alliance)

By digitising 50 per cent of all national payments, Senegal’s economic growth would increase by more than US$177mn per year

The statement comes from a new report presented by the prime minister to the President of the Republic and adopted by the Council of Ministers.

Following good progress on financial inclusion, Senegal has been working on the digitisation of payments to accelerate growth and inclusive development.

With the support of President Macky Sall, the study was chaired by the minister of Finance, the minister of Solitary Economy and the minister delegate to the prime minister on behalf of the government.

Mahammed Dionne, prime minister of Senegal, said, “Better collaboration between public and private sectors on digitising payments would make it possible to mobilise more resources, increase business productivity, improve financial inclusion and add US$177mn per year to our country’s GDP.”

Queen Máxima of the Netherlands, the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), commented, “This will help to improve the efficiency and transparency of payments and also the financial and economic inclusion of individuals and small and medium-sized enterprises. By continuing to digitise their payments to individuals, the government and businesses will make savings and help to promote development.”

The report’s additional key findings:

-The public administration has digitised nearly 100 per cent of its expenditure, thus mobilising resources, increasing the stability of financial forecasts and gaining funds for development.

-Local authorities could increase their daily tax collection rates by a factor of seven if they collected them electronically.

-The State’s social action agenda would be reinforced if all social programmes were digitised. Digitising the Universal Health Cover Agency alone would impact three million beneficiaries, mainly women and children.

-The value of payments to merchants is more than US$27bn almost entirely paid in cash. Digitising 50 per cent of these transactions would increase GDP by more than US$75mn per year and the formal sector would achieve productivity gains of over 205 days.

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