Senegal: CFAF 330.4 billion in net money transfers received by banks in the first quarter of 2021

The cumulative net money transfers (difference between transfers received and those made) received by credit institutions in Senegal reached CFAF 330.4 billion (€ 495.600 million) at the end of the first quarter of 2021, according to data from the Department of Currency and Credit (DMC) of the Ministry of Finance and Budget based in Dakar.

Compared to the first quarter of 2020 when they amounted to CFAF 254.2 billion, these net money transfers have increased by 30.0%. During the period under review, rapid money transfers received by Senegalese credit institutions amounted to CFAF 374.4 billion against CFAF 298.3 billion in the first quarter of 2020, an increase of 25.5%.

By origin, the vast majority of these transfers come from Europe (71.2%) against 9% for the USA, 8.5% for other countries, 6% for UEMOA, 4.9% for CEMAC and 0 , 4% for other ECOWAS countries. Regarding the issuance of rapid transfers made by these same credit institutions, their aggregate amounted to CFAF 44.0 billion in the first quarter of 2021 against CFAF 44.1 billion a year earlier, i.e. a slight withdrawal of 0.2%.

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