| In the West African nation of Senegal, fewer | | | | why did they take out this ten dollars. When |
| than 10 per cent of people have accounts at | | | | we went to the bank, they told us it was for |
| traditional banks. Such accounts have | | | | insurance," she says. |
| traditionally been seen as only for the very | | | | |
| rich. But a growing network of branches | | | | Seck says the bank also debits just over two |
| extending into more remote areas means that | | | | dollars every three months for maintenance |
| more people than before have access to banks. | | | | costs. |
| Naomi Schwarz visited on the outskirts of | | | | |
| Dakar with a new mother who has a savings | | | | But despite these costs, she says the bank |
| account. | | | | account has helped her save more money than |
| | | | before. "In the house, it is no good, because |
| In a one-room apartment on the outskirts of | | | | you can spend the money. At the boutique it |
| Senegal's capital, Dakar, Margot Seck is | | | | was better, but when you have problems, you |
| cooking lunch on her small balcony. She is | | | | can go straight to the boutique and take the |
| using her short maternity leave from her job | | | | money. But when it is at the bank, sometimes |
| as a cashier to set up the apartment. | | | | you are slower to withdraw your savings," she |
| | | | says. |
| Search Engine Marketing Specialist | | | | |
| | | | Despite Seck's story, most Senegalese do not |
| Since 1995 SEO/SEM tools, training, and | | | | have bank accounts. |
| professional "full service" Search Engine | | | | |
| Marketing help at very affordable rates. | | | | Oumar Diene, of the Senegalese |
| | | | non-governmental organization CRESP, says |
| Since she is not working now, she has been | | | | this may be changing. "We have the impression |
| spending from her savings. But ever since the | | | | that these days, there is an accent on |
| 25-year-old came to Dakar from herfamily's | | | | potential clients who, until now, have not |
| village and began working, she has been | | | | been taken into account by the big banks," he |
| putting aside a small portion of her paycheck | | | | says. |
| for just such an occasion. "When I was paid | | | | |
| my salary, I would spend what I needed, and I | | | | He says that banks are directing their |
| would bring the rest to the corner shopkeeper | | | | marketing campaigns at university students, |
| to hold on to for me," she says. | | | | many of whom have little or no income. He |
| | | | also notes the increasing number of bank |
| Two years ago, with the help of her boss, | | | | branches across the country. |
| Seck opened an account at one of Senegal's | | | | |
| commercial banks. | | | | But obstacles are still keeping many |
| | | | Senegalese from opening accounts. |
| Seck's boss advanced to her and three | | | | |
| co-workers the 150-dollar minimum deposit the | | | | Mohammed Wilson, a director at Senegal's CBAO |
| bank required, and she helped them acquire | | | | bank, says one obstacle is a culture that |
| thenecessary papers. | | | | prefers cash transactions. He says Senegalese |
| | | | are wary of entrusting their money to someone |
| Seck goes to a small bedside cabinet and | | | | else, and they are unfamiliar with how banks |
| pulls out a simple wooden box with a lock. | | | | work. |
| | | | |
| She unlocks the box and takes out the papers, | | | | But even for those who are interested in bank |
| explaining that before she moved in with her | | | | accounts, the minimum deposit can seem |
| husband, she shared a room with many single | | | | overwhelming, especially for non-salaried |
| cousins, and the locked box was needed to | | | | workers whose income varies from week to |
| keep her finances private. | | | | week. Wilson says the minimum deposit is |
| | | | required for the banks to cover their |
| She says she told only her brothers and | | | | operating costs. He says if more people had |
| sisters about the bank account, and just | | | | bank accounts, the banks would be able to |
| recently, her husband. "Ah, when you say that | | | | reduce the minimum deposit and also the fees. |
| you have an account, people will think that | | | | |
| you have a lot of money, even though it is | | | | Since so many businesses rely on cash |
| nothing." | | | | transactions, Wilson says his branches must |
| | | | be prepared for large cash withdrawals. This |
| Seck says the bank takes money out of her | | | | would be less of a burden if more people had |
| account for various fees. "The first month, | | | | accounts, and money could change hands |
| they took out 10 dollars. We were shocked, | | | | invisibly, through checks. |