The banking system in Senegal
Despite recent technological advances, Senegal remains a mostly cash-based society. The advent of money transfer services such as Orange Money and Wari have further reduced the need for most locals to open a bank account. However, if you're receiving a monthly salary or you want to be able to withdraw from your savings without charges, then having a bank account is very useful.
As private companies, each bank has different terms and conditions when it comes to foreigners opening bank accounts, but in general, they are not very complicated. It's best to look at the type of account you want on each bank's website as the bank will then tell you what is needed to open an account. If in doubt, contact the bank, and they'll be happy to help.
Procedures for opening a bank account in Senegal
To open a simple bank account in Senegal (often called a ‘compte facile' or similar) the following documents have to be produced:
- 3 passport-size identity photos
- A legalized copy of your passport
- Proof of residence (residence certificate, lease document or a utility bill in your name).
The process changes for checking and savings accounts as well as the other types of professional or business accounts you may want to open.
In general, both checking and savings accounts will also require proof of your last three payslips.
Banks in Senegal
When choosing a bank, it's important to look at what each account offers in terms of perks and services, such as internet banking, as well as the charges. Also, you will want to think about where the nearest branch is in relation to your home or work and how many ATMs they have (some banks only allow cash withdrawals from their own ATMs).
Banks can usually be split into three categories: national, Africa-wide and worldwide.
National
- Senegal Post Bank, the banking arm of La Poste du Sénégal, is popular with the locals as it is inexpensive. You can easily open a savings or current account there.
- Banque Régionale de Solidarité (BRS Sénégal) is open to customers seeking micro-credit facilities.
- Senegal Housing Bank (BHS) is famous for the real estate loans it provides.
- Bank of Africa (BOA) is only found in Dakar, and its ATMs are accessible to visa cardholders.
- La Banque Agricole, formerly known as Caisse Nationale de Crédit Agricole, offers both individual and business banking.
- Islamic Bank of Senegal is present in Touba and Dakar. These are famous for their effectiveness, particularly in terms of low interest during international money transfers.
Africa-wide
- Ecobank has many branches across Senegal, but only allows automatic cash withdrawal with debit cards it has issued itself.
- United Bank of Africa (UBA) operates in 23 African countries and is one of the most tech-advanced options (you can link your account to Apple Pay, for example). However, it has relatively few branches in Senegal.
- CBAO, which stands for the Banking Company of West Africa, is the oldest bank in Senegal and can trace its history back to 1853. It is part of the Moroccan Attijariwafa Bank and has branches across Senegal.
Worldwide
- BICIS is part of BNP Paribas and has branches in most major Senegalese cities.
- Société Générale is one of the largest banks in France and is widely available in Senegal's major cities.
Useful links:
Senegal Post Bank
Société Générale Senegal
CBAO
UBA Senegal
Islamic Bank of Senegal
BICIS
La Banque Agricole
BHS
Bank of Africa
ECOBANK
