Country Diagnostic: Senegal

Digitization of payments: a source of growth and inclusive development

This diagnostic report shows that Senegal has a strong potential for digitizing payments. This digitization offers new growth options for businesses, savings for the state and financial inclusion for the population.

The recommendations made in this report concern all players in Senegal’s payments ecosystem: the state, the private sector, and regulators. They propose ways to capture opportunities for growth and inclusion while protecting populations that will be newly included financially. Finally, they emphasize the need for an inter-governmental body open to regulators and the private sector to coordinate all actions. In a context of effective interoperability, the digitization of 50% of several-to-many payments alone would boost the country’s growth of +104 billion FCFA per year.

Because of its regional position, the experiences and decisions of digitization of payments in Senegal could benefit WAEMU countries that share the same financial regulatory base.