Senegal Minister Alioune Dione emphasizes savings for economic resilience

Senegal’s Minister of Microfinance and Social and Solidarity Economy, Alioune Dione, has identified savings as a critical pillar for national development and poverty reduction. Speaking ahead of World Savings Day on October 31, Dione stated that economic development cannot be promoted without adequate savings to protect households against shocks and reduce vulnerability.

Addressing the challenges faced by the social and solidarity economy, the minister noted that the primary obstacle is often a deficit in financial education rather than a lack of access to funds. To combat this, the ministry plans to utilize the Microfinance Impulse Fund (FIMF) and the Islamic Microfinance Development Fund (FDMI) to provide training for cooperatives and promote financial literacy.

The government aims to better structure existing informal savings habits, such as tontines and Village Savings and Loan Associations (VSLA), to mobilize internal resources for productive economic activities. This strategy focuses on increasing financial inclusion for youth, women, and unbanked populations to ensure long-term economic resilience.