Senegal, located in West Africa, is home to the capital city of Dakar, the most westerly point on mainland Africa. The country boasts beautiful coastline, untouched deserts and fascinating islands, along with a democratic government and healthy economy that’s grown by 30 percent from 1999 to 2014. Since 2015, annual economic growth has held at around six percent. Agriculture is the fastest-growing sector, followed by financial services, hotels and transport. While the official language is French, most people speak an ethnic language, such as Wolof, the language which is widely spoken in Dakar. With a median age of 18.5 years, the population of Senegal is young and growing.
When it comes to young Senegalese professionals – including translators, web developers, executive assistants and data analysts – doing work via a two-sided marketplace is growing in popularity. Today, the majority of Senegalese freelancers who work on freelance or e-commerce marketplaces prefer to receive funds into their bank account. However, the recent growth of mobile wallet service providers means that wallets are also well-positioned as a popular option. For U.S. businesses looking to expand their reach to Senegal, it’s important to understand that while more than 70 percent of the population is unbanked, some 80 percent hold a mobile wallet account. The most popular mobile wallet is Orange Money, operated by Orange SA, a leading mobile phone company. Orange Money is comparable to the M-Pesa service operated by Safaricom in Kenya. It enables the phone number of any Orange SA client to be transformed into a wallet number and has the advantage of being linked to most merchants as well as schools and other private entities.
For the past decade, most recipients preferred to receive payments via cash payout and traditional money transfer companies like Western Union and MoneyGram dominated the market. But with the growth of payments companies like Transpay, market preference has shifted. Today, Local Bank Transfers, prepaid cards, and mobile wallet options are more popular than cash payout. Local Bank Transfers are particularly well suited to the Senegal market, as recipients must be paid in the local currency, the West African CFA Franc and are sent via direct partnerships with banks and licensed local financial entities.
Transpay’s extensive and growing network in Senegal includes key payout partners such as leading banks Ecobank, La Poste, Wari, ATPS (Africa Transaction Processing and Services), Orabank and Citibank. We offer high service levels with instant deposit service to a bank account or wallet. In a country where entrepreneurship is valued, young professionals are excited about the digital economy and its opportunities, Local Bank Transfers are an important payment option for any U.S. company looking to do business in Senegal.
To learn more, visit 5 Reasons Recipients Prefer Local Bank Transfers.