On Friday, October 4, 2022, a workshop to prepare the National Concertation on the Financing of Small and Medium-Sized Enterprises was held in Senegal. This workshop, organized in Dakar, aims to overcome the problems of access to financial resources.

Small and Medium-Sized Enterprises (SMEs) receive only 14% of total loans granted by banks to businesses in the eight countries of the West African Economic and Monetary Union ( UEMOA). Indeed, the financial quality of the files submitted by the promoters of these young companies would be mainly the reason for the poor access to financial resources.

According to the explanations of the director of SMEs at the Senegalese Ministry of Commerce, Seydina Ndiaye, “banks often have great difficulty in assessing the risks surrounding them SMEs by lack of a clear and precise business plan.” Thus, to put an end to this problem, the Central Bank of West African States (BCEAO) has set up a financing support mechanism that exists in all UEMOA states.

In order to facilitate access to finance, the Central Bank gives very strong incentives to commercial banks, in particular by opening its refinancing window. The commercial bank receives a guarantee equivalent to 90% of the amount allocated to the recipient company for any loan granted to businesses. As an objective, she plans to try to reduce the risks that surround businesses.