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As I emphasized before Fintech: Middle East and Africa 2021 reportSenegal’s ambitions are represented by one vision of Senegal, which emerged in 2035 with a cohesive society under the rule of law.
The Senegalese government’s strategic guidelines, which direct the initiatives needed to translate this vision into concrete actions and results for the benefit of the population, are to bring about structural changes in the economy and promote human capital. , And is based on three priorities aimed at enabling good governance.
Senegal has become a major Francophone hub on the African continent and wants to do so in a wider range of technologies and digital sectors. By 2025, we aim to create 35,000 new jobs in the following areas: technology..
Mobile phone use in Senegal has exceeded 60 percent this year. When it comes to traditional financial use, Senegal used only 7 percent of the population.
Like many parts of the MEA, the rural population is at a disadvantage here. For example, in traditional financial institutions, almost two-thirds (63%) of ATMs and almost two-thirds (64%) of traditional financial institutions’ service points are in the largest cities in the capital. Dakar..
Dakar is ranked 9th in Africa Global FinTech Index City Ranking 2020 Is estimated to have 24 fintechs and 47 enablers and funding partners Country..
For FinTech subsectors, a majority of 42% is used for payments. Second place is the 29% financial services and aggregator market, and third place is the 17% process and technology enabler. St...
Senegal became a hot topic last year when the first African Francophone FinTech gained unicorn status. Wave Digital FinanceFounded in 2018, it raised $ 200 million from four Silicon Valley venture capital firms, boosting its valuation to $ 1.7 billion.
Prior to this, the ecosystem with about 70 startups had raised only about $ 26 million in the past. Year.. In the case of Wave, it shows how popular mobile money has become on the African continent and has expanded beyond East Africa.
This year, Wave has an e-commerce license Central Bank of West African States (BCEAO)A central bank serving eight Francophone countries in West Africa (Benin, Guinea-Bissau, Burkina Faso, Cte d’Ivoire, Mali, Niger, Senegal, Togo). West African Economic and Monetary Union (WAEMU)...
Also, as highlighted in Global System for Mobile Communications (GSMA) State of industry report on mobile money 2022, Senegal’s mobile money usage is high. For example, in Senegal, 12% of consumers have taken out loans using mobile money in the last 12 months. In addition, more than 70% of adults in Senegal reported using mobile money within the last 30 days, but almost half of the respondents did not understand or had problems reading and writing. I did.
In particular, some of its major barriers are in the relevance and knowledge of mobile money. For example, 56% of Senegalese people still prefer to spend cash, but 58% also say they have friends / family members who have mobile money accounts available.
Nevertheless, Senegal, like Kenya, a pioneer of mobile money, has an almost universal perception in the country. Its popularity and availability have given millions of people access to financial services that would otherwise have been excluded. from..By the way, every 100 people had a mobile subscription of 113.95 registered. 2020..
Despite positive announcements like Startup method In Senegal, little progress has been made on fintech regulations and their definitions.There really isn’t a specific regulatory agency for FinTech business.. More needs to be done in space for the sector to make further progress in the country. This includes things like regulatory sandboxes, clearer guidelines for fintech, and more diverse licenses for various fintech subsectors.
Also, previous projects that didn’t work, such as eCFA, the digital version of the CFA franc’s national currency, are still the first recollections. Country..
There was also a headline when I was a singer AkonWith roots in Senegal, outlined plans to set crypto styles Akon City..There is also Nouro,Founder Bitcoin senegal The end of last year.Like the rest of the world, cryptocurrencies are on their way in West Africa. Nation..
More seriously, in April of this year, BCEAO announced the establishment of FinTech Bureau.dubbing BCSF (French acronym for fintech oversight), the department promotes and supports the development of startups that provide financial services in West Africa. BCSF organizes discussions between central banks and FinTech start-ups to “gather and process information or interview requests” and handle other tasks related to innovation and the financial sector. increase. Regulation.. “
Senegal offers the opportunity to showcase its innovation and talent not only in Francophone Africa, but throughout the African continent.
