Inclusive FinTechs in Francophone Africa: Senegal country report

• by MSC
• Jul 13, 2020
• 1 min
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With a vibrant startup ecosystem and growing access to investors, Dakar ranks ninth in Africa in terms of Fintech activity, according to the Global FinTech Index City Rankings 2020. The Government of Senegal is supportive and wants to enhance the growth of digital industries and strengthen the entrepreneurial ecosystem, yet FinTechs need access to funding and qualified staff.

With a vibrant startup ecosystem and growing access to investors, Dakar ranks ninth in Africa in terms of Fintech activity, according to the Global FinTech Index City Rankings 2020. The Government of Senegal is supportive and wants to enhance the growth of digital industries and strengthen the entrepreneurial ecosystem, yet FinTechs need access to funding and qualified staff.

The key success factor for FinTechs to stimulate financial inclusion in Senegal is the strong existing financial services sector. The ecosystem comprises 24 FinTechs and 47 enablers and funding partners. FinTechs can increase financial inclusion through partnerships with incumbent operators by streamlining banks’ processes to reduce their costs and by providing them with Open APIs. Yet this would require effective regulation.

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