Manko, a new banking concept in Senegal
The Group is launching Manko, a new banking concept, in Senegal. Its ambition is to provide banking to populations with low but regular incomes who do not yet have access to the traditional banking system. With Manko, for the first time in Senegal, all banking products and services will be fully accessible by mobile phone: payments, loans and savings.
This unique model, ranging from microfinance and classic banking is based upon two innovations:
The choice of the regulatory status of Intermediary Bank Operations: Manko, a 100% owned subsidiary of Societe Generale Group, has signed an agreement with Société Générale de Banques au Sénégal (SGBS), a 63.28% owned subsidiary of the Group, allowing it to deliver a unique range of banking products and services tailored to target populations. This status was fully validated by the relevant regulatory authorities.
The choice of the mobile phone as the only electronic payment instrument: Manko uses Yoban'tel, a mobile phone payment service rolled out by SGBS. All banking products and services, payments (money transfer, bill payments ...) but also loans and savings will be proposed by Manko as a result.
To facilitate banking services for target populations, Manko has a specific commercial and relational approach:
- Manko agents will travel around. They will go to meet people and their businesses.
- In addition to welcoming people in the branches, 15 Yoban'tel approved partner traders, will allow customers to make cash deposits and withdraw money daily and free of charge.
- A range of deliberately simplified banking products as well as standard services tailored to the needs of individual clients, micro-entrepreneurs and very small businesses.
Manko opened its first branch on Monday 29th April 2013 in the Pikine district of Dakar. It covers the areas of Pikine, Guediawaye, Thiaroye and Yeumbeul.
Beyond the testing of this new model, Manko is intended to be deployed in Senegal and in other African countries.
Ande fathie sen adjoo: “together to meet your needs”
Manko is the trade name of SAIF (Société d’Appui à l’Inclusion Financière) – Society to Support Financial Inclusion -, a 100% owned subsidiary of Societe Generale Group.
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