13/03/2024 – Senegalese Delegation Visit to the Maison de la Microfinance

13/03/2024 – Senegalese Delegation Visit to the Maison de la Microfinance

It was an honor for InFiNe to receive on March 13 at the Maison de la Microfinance, a delegation from Senegal led by Mr. El Hadj Ibrahima Fall, Chief of Staff of Ministère de la Microfinance et de l’Economie Sociale et Solidaire de Sénégal, with Mr Moussa Dieng, Director of Microfinance and Financial Inclusion, Mrs Nicole Mansis, Managing Director of FONAMIF (Fonds National de la Microfinance), Mr Mbaye Ndiaye of FONAMIF and the Director of FIMF SENEGAL (Fonds d’Impulsion de la Microfinance), Mr Ndiame Ndiaye.

Following InFiNe’s presentation of the inclusive finance ecosystem in Luxembourg, presentations by ADA asbl and IforD – Forestry and Climate Change Fund were followed by very interesting discussions on the importance of synergies and concertation between the private and public sectors to extend financial inclusion to vulnerable populations, particularly in rural areas, supported through the financing of the Systèmes Financiers Décentralisés (SFD).

The FONAMIF and FIMF funds are financial instruments designed to support small SFDs targeting vulnerable populations. Technical assistance has also been developed, along with a guarantee fund to reach these more at-risk segments of the population. The problem of mobilizing and allocating long-term financial resources was raised. The importance of collaborating with private structures and public funds was highlighted, particularly with a view to capitalization; the representatives of the Senegalese delegation called for greater collaboration and articulation with government priorities, with a view to achieving a more social and environmental impact than the mere financial viability of microfinance institutions.

In conclusion, the Chief of Staff insisted on the fundamental condition for the success of the mission, namely that the financial services offered truly meet the needs of local populations. Technical assistance combined with financial services should help to professionalize the sector.

Financial inclusion remains a major challenge. These objectives can be achieved by strengthening cooperation and collaboration between representatives of the private, public and civil society sectors in Luxembourg and Senegal.