Financial inclusion: FONGIP launches a national pact to boost credit for women entrepreneurs

The Priority Investment Guarantee Fund (FONGIP) officially launched the National Pact for Accelerating Financing for Women Entrepreneurs on Tuesday, October 20, 2026, in Dakar. Aimed at removing barriers to accessing bank credit by 2029, this initiative seeks to unite banks, microfinance institutions, and women's organizations. Through incentives for project structuring and requirements for measurable results, the authorities are aiming for greater financial inclusion, particularly in the country's interior regions.

A further step towards women's economic empowerment. The National Pact for Accelerating Financing for Women Entrepreneurs was officially launched this Tuesday, October 20, 2026, in Dakar. Led by the Priority Investment Guarantee Fund (FONGIP), this initiative aims to facilitate women's access to credit, strengthen their support, and mobilize more partners around measurable commitments by 2029.

Through this mechanism, FONGIP aims to unite existing initiatives, coordinate the interventions of various stakeholders, and offer a simplified pathway for women entrepreneurs, from information and application preparation to financing and monitoring of their activities. Initially spanning three years, the Pact is based on quantified voluntary commitments and includes regular evaluation of results to measure progress in financial inclusion.

The signing ceremony brought together microfinance institutions, women's organizations and financial partners, in the presence of the representative of the Prime Minister, the General Administrator of FONGIP, Ndèye Fatou Mbodj, and the President of the Union of Women Business Leaders of Senegal (UFCE), Nicole Françoise Gomis Gakou.

Access to credit remains very limited

Despite their leading role in the national economy, women entrepreneurs continue to face significant constraints in accessing capital: high guarantee requirements, exaggerated risk perception by banks, lack of equity, management weaknesses and lack of awareness of available mechanisms.

Speaking on behalf of the Prime Minister, his special advisor Matar Lakh emphasized that financing for women goes beyond a simple sectoral policy, as women are active in all key sectors. Citing data from the Central Bank (BCEAO), he revealed that women received only about 18% of bank loans granted to individuals in the WAEMU region in 2024. When compared to all bank loans, their share barely exceeds 2%.

According to the government representative, this imbalance directly hinders the national economy. Recalling that the Senegal 2050 framework prioritizes women's empowerment, he advocated going beyond simply providing guarantee funds to make loans truly accessible and tailored to individual needs, setting a target of at least 40% of beneficiaries located outside Dakar.

FONGIP: 4.3 billion FCFA guaranteed for women

The Director General of FONGIP, Ndèye Fatou Mbodj, reaffirmed her institution's commitment to making guarantees an effective tool for projects lacking collateral. She indicated that, since October 2024, FONGIP has guaranteed 1,385 lines of credit for a total amount of 30.1 billion FCFA. Of this total, 571 lines have benefited women, representing 4.3 billion FCFA, or 14.3% of the total amount.

While highlighting the progress made, the official acknowledged the remaining challenges and urged women to better structure their businesses: “Financing a woman entrepreneur is not just about financing a business, it’s about investing in the future of our country. Dare to start a business, dare to dream big. Structure your projects, prepare your applications, and get in touch with FONGIP.”

The UFCE demands concrete results on the ground

For her part, the president of the Union of Women Business Leaders (UFCE), Nicole Françoise Gomis Gakou, emphasized the need to achieve tangible results. She stressed that this pact must not remain a mere declaration of intent, but must translate into shared responsibilities and strict monitoring.

She advocated for a more balanced sharing of financial risks, and support that integrates training, mentoring, digitalization, and access to rural markets. Demanding that women entrepreneurs be involved in the program's management, she asserted that it must be developed directly with the users to adapt the solutions to their realities on the ground.