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5 Senegal based FinTechs transforming the African finance industry

By Leandra Monteiro

March 01, 2023

  • Africa
  • Digital Transformation
  • FinTech

Fintechs, Senegal Senegal’s tech sector is beginning to grow rapidly. However, the FinTech sector in Senegal is still in its infancy. Things began to change with Wave, a Senegal-based mobile money provider, raising  $200m making it the biggest ever Series A round in Africa.

Here are 5 FinTechs in Senegal to building the country’s digital ecosystem:

Created in 2014, InTouch is a Pan-African FinTech specialising in payment solutions, aggregation of digital services and distribution network acquisition and management.​ InTouch offers payment processing and merchant acquiring services in Africa. Provides an API-linked payment gateway for merchants to accept online payments.

Headquartered in Senegal, the company has 15 subsidiaries in Africa and are active in 11 countries such as Mali, Guinea Conakry, Mozambique, Ivory Coast, Cameroon, Burkina Faso, Kenya, Nigeria, Tanzania and Uganda.​ By 2025, the company aims to have subsidiaries in 25 countries and a network of partners in every African country to ensure that its customers can count on them to be the trusted partner for every digital transaction in Africa.

NSIA Banque Senegal is a digital bank for individuals and businesses. Its services include savings and business accounts, prepaid cards for online/offline purchases, bill payments, money transfers, and more. It features consumer, business, and real estate loans, and more.

PayDunya is an African FinTech, a pioneer in digital payment, and present in 6 countries: Senegal, Ivory Coast, Benin, Burkina Faso, Togo and Mali. It aims to accelerate the growth of African companies and institutions through the power of digital.

The app enables its customers to get paid online or remotely in an easy, quick and secure way thanks to suitable products. It offers a wide range of payment methods including electronic wallets (Orange Money, MTN, Wave, Moov, Free) and bank cards (Visa, Mastercard).

UPAY is not a wallet but a multi-channel payment solution that enables its users to:

  • Receive money from whatever source and place it in the account of your choice: wallet, bank card, cash (withdrawal)
  • Pay invoices, recharge credit, or pay for purchases online or in stores
  • Move value units from one account to another through various operators

It also has UPay Online- an Online payment interface designed and developed for merchants with an online sales site, as well as companies wishing to cash in online regardless of the amount.

In 2017, nearly 60% of adults in sub-Saharan Africa had no bank account. Wave is solving this problem by using technology to build a radically inclusive and extremely affordable financial network.

In November 2017, the company launched a mobile app in Senegal for a cash deposit, withdrawal, and peer-to-peer and business payments. In 2019, it expanded to Cote D’Ivoire. Now, it has millions of users and is growing fast. Its goal is to drive financial inclusion and to make Africa the first cashless continent.

Also read: Global Payments Vendors and Landscape Report Q2 2024

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