In the WAEMU , financial inclusion has improved significantly in recent years, as evidenced by the indicators of access, use and accessibility-price.

The observation is from the Central Bank of West African States (Bceao) which underlined it in a document dated May 13, 2019 and which was given to the press.

It was during the signing of the financing agreement between the BCEAO and the Swiss Confederation as part of the implementation of the regional strategy for financial inclusion in the WAEMU .

An act initialed by Mrs. Marion Weichelt Krupski, Ambassador Extraordinary and Plenipotentiary of the Swiss Confederation to the Republic of Senegal and the Governor of the BCEAO , Mr. Tiemoko Meyliet Koné.

Regarding access to financial services, the BCEAO reports that between 2007 and 2017, the overall demographic penetration rate, which represents the number of financial service points per 10,000 inhabitants, increased from 0.9 to 35.9 points. on duty.

Before adding that the overall geographic penetration rate, for its part, measures the total number of financial service points over an area of 1000 km.

Over the same period, we read in the document, it stood at 70.6 service points in 2017 against 1.2 points ten years earlier.

During this period, notes the BCEAO , the years 2012 to 2014 were marked by a meteoric rise in digital financial services, with the start, in 2008, of electronic money activities.

Increase in the use of financial services

The evaluation made on the use of financial services shows that the Strict banking rate (Tbs) increased by 9.4 percentage points during the decade, from 7.5% in 2007 to 16.9% in 2017.

The BCEAO informs that the TBS measures the percentage of the adult population holding an account in banks, postal services and national savings and treasury funds.

It also explains the increase observed in the level of use of financial services by the Extended banking rate (Tbe) , which includes the strict banking rate to which are added account holders in microfinance institutions.

According to the issuing institute, this criterion experienced a positive evolution of 19.2 percentage points, from 16.6% in 2007 to 35.8% in 2017.

This same dynamic is noted on the Global rate of use of financial services (Tgusf) or Financial inclusion rate, which includes holders of accounts with EMIs .

According to the BCEAO , it was 55.0% in 2017 against 16.6% ten years earlier, showing an evolution of 38.4 percentage points.

Slight increase in the cost of money

The BCEAO informs the debit interest rate, which represents the cost of credit, rose from 5.3% in 2007 to 6.0% in 2017, noting a slight increase in the cost of money.

Along the same lines, she underlined that the creditor interest rate, which measures the return on savings, experienced, for its part, an increase of 2.1 percentage points, rising from 2.3% in 2007 to 4.4% in 2017.

According to him, this indicator has thus favored people's access to financial services. Before adding that the combined analysis of these two revealed, overall, an easing of banking conditions in the Union.

At the same time, the Central Bank recalled that the costs of financial services are measured in the Union by the interest rate of deposits made at the level of banks and the interest rate of loans granted by them.

Enormous challenges, despite progress

After this inventory of financial inclusion, the Central Bank recognizes that the challenges remain despite the progress made in terms of access to financial services.

It is in this vein that she mentioned the need to place particular emphasis on the continuous adaptation of the regulatory framework.

To this, the BCEAO adds the rehabilitation and consolidation of the microfinance sector, the extension of the distribution network and payment via mobile telephony.

Not to mention, the diversification of financial products offered by banks, Decentralized Financial Systems (Sfd) , insurance companies and postal services as well as the involvement of the public sector in the development of mobile financial services.

Challenges that the Central Bank intends to meet through the implementation of the WAEMU Regional Financial Inclusion Policy and Strategy Framework Document that the Council of Ministers of the Union adopted on June 24, 2016.

A vision accompanied by a budget of 30 billion F CFA, including 2.27 billion F Cfa as the financial contribution of the BCEAO , as well as an action plan structured around five strategic axes including the promotion of a legal, regulatory framework and effective supervision.

It is also recommended to clean up and strengthen the microfinance sector, to promote innovations favorable to the financial inclusion of excluded populations (young people, women, SMEs, rural populations and those with low financial education, etc.).

Added to this is the strengthening of financial education and the protection of financial services customers and the establishment of a tax framework and policies conducive to financial inclusion.

Moreover, the question was at the heart of the discussions during the week of financial inclusion which was held from November 26 to December ¹ , 2018 in the eight WAMU countries.

An opportunity that the President of the Council of Ministers, moreover, Minister of Economy and Finance of Benin, Mr. Romuald Wadagni, seized to call on the Member States of the Union to adopt national strategies for inclusion financial.

In the same vein, the governor of the BCEAO , Mr. Koné, made it known that financial inclusion, in addition to being a catalyst for economic growth, constitutes a powerful vector for development, in that it facilitates the participation of social strata least endowed with the creation of wealth.