Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Senegal

Senegal

In Senegal, the Traditional Retail Banking market market is anticipated to witness a substantial increase in Net Interest Income, projected to reach US$139.40m in 2024.
Looking ahead, the Net Interest Income is expected to maintain a steady growth rate of 4.02% (CAGR 2024-2029), resulting in a market volume of US$169.80m by 2029.
When compared to other countries globally, it is worth noting that China is set to generate the highest Net Interest Income, with an estimated value of US$2,426.0bn in 2024.
Senegal's traditional retail banking market is experiencing a shift towards digital services to cater to the growing tech-savvy population.

Key regions: France, Brazil, Germany, United Kingdom, United States

Definition:
Traditional retail banking refers to the financial services sector that provides a range of financial products and services to individual consumers through store-based branches and other traditional channels. These services include personal loans, savings and checking accounts, credit cards, mortgages, and other financial products designed specifically for individual consumers.
Traditional retail banks have a long history of serving customers and have established relationships and a deep understanding of the financial needs of their communities. They offer a wide range of services and are able to provide personalized advice and support to their customers.
Despite facing increased competition and changing customer preferences, traditional retail banks continue to play a vital role in the financial landscape. They are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services.
Overall, traditional retail banking provides a wide range of financial services to individual consumers through established, trusted channels and continues to be an important part of the financial landscape.

Structure:
The market data comprises Net Interest Income, the value of Deposits, the value of Loans, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:
The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the retail and commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.

Key players in this market are companies such as Industrial and Commercial Bank of China Ltd., Bank of America Corp., and BNP Paribas.

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Analyst Opinion

The Traditional Retail Banking market in Senegal is experiencing a shift in customer preferences, influenced by global trends in digitalization and convenience.

Customer preferences: Customers in Senegal are increasingly seeking digital banking solutions that offer convenience and accessibility. The growing adoption of smartphones and the internet has led to a rise in demand for online and mobile banking services. This shift in preferences is in line with global trends towards digital banking, driven by the need for speed and efficiency in financial transactions.

Trends in the market: One of the key trends in the Traditional Retail Banking market in Senegal is the expansion of digital banking services. Traditional banks are investing in technology to offer online and mobile banking platforms, as well as digital payment solutions. This trend is reshaping the way customers interact with banks, moving towards more self-service options and reducing the reliance on physical bank branches.

Local special circumstances: Senegal's banking sector is also influenced by local special circumstances, such as the high level of mobile phone penetration in the country. Mobile money services have gained popularity among the unbanked population, providing them with access to basic financial services. This unique characteristic of the Senegalese market has encouraged banks to innovate and offer mobile banking solutions to cater to a wider customer base.

Underlying macroeconomic factors: The development of the Traditional Retail Banking market in Senegal is also influenced by underlying macroeconomic factors, such as economic growth and regulatory environment. As the economy grows, there is an increased demand for banking services to support business activities and personal financial needs. Additionally, the regulatory environment plays a crucial role in shaping the banking sector, ensuring stability and promoting innovation in financial services.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.