Dakar, 1is Jul (APS) – Financial expert and retired banker, Cheikh Tidiane Diop, calls on the authorities to adapt the methods of financing the Senegalese economy to social realities through the merchant credit code.
“This merchant credit code will structure the credit market through the financing of the economy by the bank,” said Cheikh Tidiane Diop, founder of guaranteed commercial credit (CCG) in 2011 to develop the concept of merchant credit. He faced the press to share the particularities of this concept and popularize it.
”This is a guarantee system for all, in accordance with our social and economic structures,” said Mr. Diop.
Merchant credit will allow any individual, whatever their commercial or economic activity, to be able to live off their income by benefiting from insurance or bank credit, in accordance with their needs, he explained.
Cheikh Tidiane Diop believes that to allow citizens to benefit fully, a merchant code register must be set up to collect market data and record it before transmitting it to the State.
”The merchant credit register collects day-to-day data and transactions on the markets to understand the behavior of risks allowing the State to fully assume its sovereign functions as guarantor of people and property,” -he emphasized.
Thus, a merchant credit code can be developed taking into account “the usual practices and the rules and customs of the populations”.
Security, fluidity and profitability
”The populations will have full awareness, complete freedom and complete responsibility to collaborate with insurance companies and banks to benefitbenefit from open credit for all and the creation of wealth,” said the founder of the guaranteed commercial credit.
Cheikh Tidiane Diop assured that his approach is motivated by “the context of recent change of political regime” where the government faces “social emergencies” including the supply of the country with food products “accessible” to consumers.
However, “the obstacle”, according to him, is that our State, “unconsciously”, still identifies itself with “the colonial State” and “its system of thought”.
“Today, the State should observe the functioning of society and know its characteristics in order to adopt public policies capable of establishing confidence in society for the normal functioning of the economy,” Mr. Diop argued.
According to the financial expert, the OHADA law must be ”re-examined”, because it ”does not conform to our realities”. Indeed, he explained that it stipulates that the receivables must be ”certain”, ”liquid” and ”payable”.
Cheikh Tidiane Diop indicated that the merchant credit register will on the other hand facilitate the “inclusion” of populations in the financial market which will have useful and reliable information allowing the creation of “conditions of security, fluidity and profitability of the economy”.
MFD/OID/ASG
