Payments/SN
Senegal
ISO SN · 3 schemes
Summary
- Wave disrupted market (11M users, unicorn)
- Orange Money QR OTP/QR payments (5M users)
- 70%+ adults mobile money access
- CHANGE interoperability platform
- GIM-UEMOA regional integration
Banking landscape
Central Bank
- Name: BCEAO (Central Bank of West African States)
- Website: https://www.bceao.int/
- Role: Regional monetary policy (WAEMU zone)
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | CBAO | Local | CBAO Mobile |
| 2 | Société Générale Sénégal | International | SG Mobile |
| 3 | Ecobank Sénégal | Pan-African | Ecobank Mobile |
| 4 | Banque Atlantique | Regional | Atlantic App |
| 5 | Bank of Africa Sénégal | Regional | BOA Mobile |
Market Structure
- Wave: Disrupted (unicorn 2021)
- Orange Money: 5M users
- 70%+: Mobile money access
- Fee reduction: 80% industry-wide
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Wave | Wave | Mobile money | Dominant |
| Orange Money | Orange | Mobile money | Active |
| GIM-UEMOA | Regional | Interbank | Active |
| CHANGE | INTech | Interoperability | Active |
Wave Disruption
- Launched 2018
- Free deposits/P2P
- Low withdrawal fees
- App + QR cards
- Unicorn 2021 ($200M Series A)
Market Impact
- Orange/MTN cut fees 80%
- Competition intensified
- Consumer benefit
- Digital transformation
QR code standards
Wave QR
| Attribute | Value |
|---|---|
| Users | 11M active (7.18M regular) |
| Method | App + physical QR cards |
| Launch | 2018 |
| Status | Dominant |
Wave QR Features
- App-based scanning
- Physical QR cards
- Basic phone compatible
- Agent network
- Free P2P transfers
Orange Money QR
| Attribute | Value |
|---|---|
| Users | ~5M Senegalese |
| Method | OTP CODE or QR CODE |
| App | Orange Money Sénégal |
Orange Money Features
- QR code payments
- OTP alternative
- Bill payments
- International transfers
- Credit/pass purchase
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Wave | Wave | Yes | Dominant |
| Orange Money | Orange | Yes | QR + OTP |
| Free Money | Free | Limited | Mobile money |
Wave Features
- Free deposits
- Free P2P transfers
- Low withdrawal fees
- Physical QR cards
- Agent transactions
- E-ticketing (BRT)
Wave BRT Integration (2025)
- "SUNU BRT with WAVE"
- Dakar Mobilité partnership
- E-ticketing solution
- Wave app payment
- Transport digitization
Orange Money Sénégal
- 5 million users
- QR or OTP payment
- National/international transfers
- Bill payments
- Account reloads
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| Wave QR | Mobile + Card | QR | 11M users | wave-qr |
| Orange Money | Mobile QR | OTP/QR | 5M users | — |
| GIM-UEMOA | Regional | Switch | Active | — |
Sources
- TransFi - Senegal Payment Rails
- PayDunya - SOFTPAY QR
- Google Play - Orange Money Sénégal
- CHANGE - Interoperability
- Quartz - Wave Unicorn
- Rest of World - Wave Disruption
- African Business - Wave Interview
- LaunchBase Africa - Wave BRT