In 2016, after a data revision, Senegal’s GDP was estimated to be $19.6 billion. The economy grew at 6.2% in 2016 and is estimated by the IMF to grow at 7% until 2022. Although the growth is largely fueled by the agriculture sector, the country relies heavily on remittances which is one of the pillars powering the growth of its fintech industry. In 2017, WorldRemit struck a partnership with Wari, a Senegalese fintech company, to make it easy for diaspora citizens to send money home. There are about half a million Senegalese in diaspora and in 2015, the country received about $1.6 billion in remittances. This represented about 5% of the country’s 2015 GDP figures. A 2013 McKinsey Study reported that internet-based businesses represented 3.3% of Senegal’s GDP.
With the economy projected to continue to grow within the next two years, there’s an opportunity for the fintech industry to also expand. About 9.6 million Senegalese now have access to the internet representing 62.9% of the population. Although ICT currently represents 2% of the economy, the government through its Senegal Digital Strategy plan wants to bring it to 10%. Government support for the Click here to read entire article
Source:: Tech Cabal