Political stability and energy resources should ensure Senegal withstands the Covid-19 crisis.

At start of year, Senegal’s banks were adequately capitalised but pandemic has spurred upheaval.

Francophone west Africa’s regional stock exchange, the BRVM, suffers from low turnover and a lack of listings. But its chief executive tells Paul Wallace he is determined to change that and bring about closer ties with Nigeria and Ghana’s stock markets. 

African banks are increasingly looking outside of their domestic markets, and many of the continent's biggest lenders are now active in multiple countries, buoyed by greater access to vast unbanked populations and a more stable political environment.

Senegal has established itself as one of sub-Saharan Africa’s most sophisticated economies in the past decade. Lacking the natural resources prevalent in many of the continent’s other fast-growing countries, its pillars of growth have been political stability and prudent fiscal management. But next month’s elections will put its credentials to the test.

Senegal’s banking system is one of Africa’s most competitive. Yet there is plenty of scope for its lenders to expand, thanks to fast economic growth and a large unbanked population. If this rise is managed carefully, Senegal will soon be firmly entrenched as the main banking hub in French-speaking west Africa.