Senegal joins forces with VISA to fuel digital and financial innovation center
In a strategic move, global payments giant Visa has announced plans to significantly strengthen its presence in Senegal. This expansion, under the New Technological Deal initiative, has specific, well-defined objectives centered on transforming the country's digital payment landscape and supporting broader economic modernization.
The partnership between Senegal and Visa is a key step in Senegal's #NewDealTechnology initiative, aimed at boosting fiscal transparency, modernizing citizen-to-state financial interactions, reducing economic informality, and increasing financial sovereignty.
The key goals include deploying digital payment infrastructure to modernize government services, increasing the number of Visa-accepting merchant points, promoting contactless and mobile payments, enhancing financial literacy, and collaborating with Senegalese fintech startups to develop tailored digital payment solutions suited to local market needs.
The meeting between the Minister of Digital in Senegal, Alioune Sall, and a high-level delegation from Visa took place yesterday. Mr. Ismahill DIABY, Vice-President and Director General for West and Central Africa (Francophone and Lusophone) at Visa, was present at the meeting.
This collaboration is poised to strengthen Senegal's financial sovereignty, reduce the informal economy, improve transparency, and foster local innovation. Visa will collaborate with local banks, fintechs, telecom operators, and national authorities in Senegal to achieve these objectives.
The rollout of Visa solutions in Senegal will be expedited, beginning with the identification of initial pilot projects. The expansion of Visa's services in Senegal will involve broadening reach and introducing cutting-edge payment technologies.
In addition, Visa is promoting contactless and mobile payments in Senegal to encourage adoption of modern, secure payment methods among citizens and businesses. The number of outlets accepting Visa card payments is expected to increase significantly, making digital payments more accessible and convenient across the country.
Visa has been active in Senegal since 2001 and this expansion is intended to modernize financial systems and enhance financial inclusion in Senegal. The partnership could position Senegal as a regional center for digital innovation and a benchmark for secure, innovative digital payments in Francophone Africa.
In summary, Visa's expansion under this initiative is designed to digitize and modernize public administration payment systems, grow the digital economy, improve financial inclusion through expanded access to modern payment technologies, and strengthen Senegal’s financial sovereignty and formalize its economy. This comprehensive approach supports Senegal’s vision of becoming a hub of digital innovation in Africa.
[1] New Deal Technological Initiative, Senegal Government Website, [www.gouv.sn](http://www.gouv.sn) [2] Visa Press Release, Visa Expands in Senegal, [www.visa.com/pressreleases](http://www.visa.com/pressreleases)
- The strategic partnership between Visa and Senegal, under the New Technological Deal initiative, aims to modernize citizen-to-state financial interactions, boost fiscal transparency, reduce economic informality, and increase financial sovereignty through the deployment of digital payment infrastructure.
- As part of the expansion, Visa will collaborate with local banks, fintechs, telecom operators, and national authorities in Senegal to promote contactless and mobile payments, increase the number of Visa-accepting merchant points, and develop tailored digital payment solutions suited to local market needs.
- This collaboration is expected to foster local innovation, positioning Senegal as a potential regional center for digital innovation and a benchmark for secure, innovative digital payments in Francophone Africa.
- The rollout of Visa solutions in Senegal will involve broadening reach, introducing cutting-edge payment technologies, and digitizing and modernizing public administration payment systems, all with the goal of improving financial inclusion and strengthening Senegal’s financial sovereignty.
