“The quantifiable gaps in opportunity and in access to capital for local companies should define the agenda of the oil and gas industry execution of the upcoming projects”. Concluded Ayuk “Financing economic opportunities for local content will help meet the goals and vision of the Local content policies advocated by President Macky Sall. The road to shared economic prosperity in the oil and gas industry and Senegal travels through two-way streets, where all are included, and none are left in the margins of the marketplace”. Stated NJ Ayuk, Executive Chairman of the African Energy Chamber.
In an effort to increase financial inclusion, Senegal has taken advantage of its strong mobile penetration, in which over 32% of adults has a mobile money account. Meso-finance aims to serve as the missing link for financing in emerging African economies by targeting companies whose needs cannot be met by microfinance or commercial banks. Meso-finance is an attractive model for SMEs that struggle to invest in training and new equipment due to limited access to financial resources. Media filesDownload logoFostering Financial Inclusion for Senegalese Local Companies in the Energy Sector
Distributed by APO Group on behalf of African Energy Chamber.
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Invest in Africa (IIA) is an organization comprised of major operators Woodside Energy, BP, Cairn and Kosmos Energy, aimed at developing local content capacity across the energy value chain. IIA unites several partner banks and financial institutions in an effort to lower the risk associated with backing local ventures, thereby increasing their own access to affordable, well-equipped local service providers and suppliers. As the market moves forward and more local players are called in, synergies between the private financial sector and the government will be critical to achieving shared local content goals. Several commercial banks – including Bank of Africa and Orabank – are currently implementing specific offers to target SME development across sectors, with the underlying goal of fuelling demand for petroleum-related services. Access to financing for SMEs is also being developed by the private sector and foreign partners.
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- Promoting the financial inclusion of local Senegalese companies in the energy sector
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