Financial inclusion in Senegal: Wave Digital Finance and OQSF highlight the impact of the rise of electronic money
Posted: Tue Apr 22, 2025 6:47 am
This workshop, which lasted two days (April 27 and 28) and was organized for journalists who are members of the Collective of Economic Journalists (Cojes), the Network of Journalists Specializing in ICT, consumer associations, with the participation of regulators, the BCEAO and the Telecommunications and Postal Regulatory Authority (Artp), highlighted the growth in the use of digital financial services and their impact on the daily lives of users.
In this regard, Marietou Sow DIAGNE, head of payment services at the Central Bank of West African States (BCEAO), recalled that "electronic money has revolutionized the use of financial services in the West African Economic and Monetary Union (UEMOA).
Indeed, Ms. DIAGNE emphasized that digital financial services have demonstrated their ability to reduce financial exclusion, given taiwan mobile database performance over the past decade. According to her, the momentum of digitalizing financial products must be maintained, accelerated, and supported by state and monetary authorities.
Aware of the challenges of financial inclusion on the economic development of the countries of the Union, she indicated that the BCEAO has implemented the regional strategy of financial inclusion which was adopted since 2016 by the Council of Ministers of the Union.
She also recalled the reforms carried out by the Central Bank to establish a framework conducive to the exercise of banking and financial activities, including the renovation of the regulatory framework governing banking activities, microfinance, electronic money and payment systems and means.
All these initiatives, she stressed, have helped improve the financial inclusion situation within the Union and particularly in Senegal, with results showing a strict banking rate increasing from 10% in 2007 to 19% in 2021. For the year 2022, she said, the estimates stand at 22.5%.
It was also noted that "a considerable increase in the overall rate of use of financial services stood at 78% in 2021 compared to 24% in 2007. For 2022, Ms. DIAGNE emphasized that estimates predict a financial inclusion rate of around 91%. This increase results, according to her, from the significant contribution of the microfinance sector, the strong growth of mobile banking and the breakthrough of new financial service providers.
Furthermore, the CEO of Wave Digital Finance stated that in Senegal, which is one of the most dynamic markets in terms of digital finance, her organization aims to develop strategic approaches to materialize the vision of developing digital financial services in order to make them massively available across the region.
Coura Sène, in this case, adds that they intend to contribute further to maximizing the impact of their technological, innovative and affordable solutions on the entire sub-regional ecosystem.
She emphasized that launched in 2018, Wave has become, in less than four years, the leading provider on the Senegalese market with 7 million active customers, 100 billion CFA francs of investments, 75% reduction in mobile money allowing Senegalese to save 130 billion CFA francs per year.
For his part, the executive secretary of the Oqsf who cited "available statistics", at the end of December 2022, financial transactions based on mobile money recorded a total volume of 496 million operations amounting to 7,870 billion CFA francs.
Habib Ndao identified, among other things, a number of challenges to be addressed, namely the strengthening of transparency on the prices of services offered, the popularization of financial education, a better quality of the offer to meet the requirements of simplicity, adaptation and diversification of services.
In this regard, Marietou Sow DIAGNE, head of payment services at the Central Bank of West African States (BCEAO), recalled that "electronic money has revolutionized the use of financial services in the West African Economic and Monetary Union (UEMOA).
Indeed, Ms. DIAGNE emphasized that digital financial services have demonstrated their ability to reduce financial exclusion, given taiwan mobile database performance over the past decade. According to her, the momentum of digitalizing financial products must be maintained, accelerated, and supported by state and monetary authorities.
Aware of the challenges of financial inclusion on the economic development of the countries of the Union, she indicated that the BCEAO has implemented the regional strategy of financial inclusion which was adopted since 2016 by the Council of Ministers of the Union.
She also recalled the reforms carried out by the Central Bank to establish a framework conducive to the exercise of banking and financial activities, including the renovation of the regulatory framework governing banking activities, microfinance, electronic money and payment systems and means.
All these initiatives, she stressed, have helped improve the financial inclusion situation within the Union and particularly in Senegal, with results showing a strict banking rate increasing from 10% in 2007 to 19% in 2021. For the year 2022, she said, the estimates stand at 22.5%.
It was also noted that "a considerable increase in the overall rate of use of financial services stood at 78% in 2021 compared to 24% in 2007. For 2022, Ms. DIAGNE emphasized that estimates predict a financial inclusion rate of around 91%. This increase results, according to her, from the significant contribution of the microfinance sector, the strong growth of mobile banking and the breakthrough of new financial service providers.
Furthermore, the CEO of Wave Digital Finance stated that in Senegal, which is one of the most dynamic markets in terms of digital finance, her organization aims to develop strategic approaches to materialize the vision of developing digital financial services in order to make them massively available across the region.
Coura Sène, in this case, adds that they intend to contribute further to maximizing the impact of their technological, innovative and affordable solutions on the entire sub-regional ecosystem.
She emphasized that launched in 2018, Wave has become, in less than four years, the leading provider on the Senegalese market with 7 million active customers, 100 billion CFA francs of investments, 75% reduction in mobile money allowing Senegalese to save 130 billion CFA francs per year.
For his part, the executive secretary of the Oqsf who cited "available statistics", at the end of December 2022, financial transactions based on mobile money recorded a total volume of 496 million operations amounting to 7,870 billion CFA francs.
Habib Ndao identified, among other things, a number of challenges to be addressed, namely the strengthening of transparency on the prices of services offered, the popularization of financial education, a better quality of the offer to meet the requirements of simplicity, adaptation and diversification of services.