Often referred to as ‘The Gateway to Africa,’ Senegal sits on the Atlantic Coast and is one of the fastest-growing economies in sub-Saharan Africa.
Although a cash-based economy, Senegal’s government is committed to digitizing payments, with the goal of democratizing financial services and welcoming the 85% of Senegalese without access to formal banking facilities.
Mobile money is still in its infancy compared with some of its African neighbors. 32% of adults hold a mobile money account. It’s also worth mentioning that presently, money transfers via mobile banking can only be made between accounts held in West African Monetary Union (WAEMU) countries.
West African CFA franc
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