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Opening a bank account in Senegal

Ouvrir un compte en banque au S茅n茅gal
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Updated byAnne-Lise Mtyon 20 July 2021

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 鈥榗ompte 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,听the banking arm of La Poste du S茅n茅gal, is popular with the locals as it is inexpensive. You can easily open a savings or current account there.
  • Banque R茅gionale de Solidarit茅听(BRS S茅n茅gal) is open to customers seeking micro-credit facilities.
  • Senegal Housing Bank听(BHS) is famous for the real estate loans it provides.
  • Bank of Africa (BOA)听is only found in Dakar, and its ATMs are accessible to visa cardholders.
  • La Banque Agricole,听formerly known as Caisse Nationale de Cr茅dit Agricole, offers both individual and business banking.
  • Islamic Bank of Senegal听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听has many branches across Senegal, but only allows automatic cash withdrawal with debit cards it has issued itself.
  • United Bank of Africa (UBA)听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,听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听is part of BNP Paribas and has branches in most major Senegalese cities.
  • Soci茅t茅 G茅n茅rale听is one of the largest banks in France and is widely available in Senegal's major cities.

Useful links:










We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.

About

Anne-Lise studied Psychology for 4 years in the UK before finding her way back to Mauritius and being a journalist for 3 years and heading 草榴社区's editorial department for 5. She loves politics, books, tea, running, swimming, hiking...

Comments

  • Jeffery G.
    Jeffery G.9 years ago(Modified)
    I am thinking about studying French for three or four months in Dakar at the Baobab Center. I will be on a visitors visa, but will probably stay with a family. I'd like to open a bank account to keep my cash-on-hand safe. Will this be difficult to do?

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