Mobile payment services expand across Senegal and Burkina Faso

Mobile payment services are seeing significant growth across West Africa, particularly in Senegal and Burkina Faso, as digital solutions address gaps in traditional banking infrastructure.

In Senegal, Wave holds a dominant market position, controlling approximately 80% of the mobile money market. As of August 2026, electronic money outstanding in the country reached 571 billion CFA francs, with 459 billion CFA francs concentrated within Wave. Senegal’s Minister of Telecommunications and Digital Economy, Samba Diouf, recently met with Wave representatives to discuss expanding digital public services. Potential areas for collaboration include the digitalization of transport, health, and treasury services. Previous partnerships have already seen Wave involved in digitizing payments for public health facilities and social security benefits.

In Burkina Faso, mobile payments are increasingly utilized for daily transactions due to their speed, simplicity, and ability to reduce the risks associated with carrying cash. The technology provides essential financial access to populations in rural areas who lack traditional bank accounts, facilitating both commerce and person-to-person money transfers. However, challenges remain regarding the need for increased financial literacy and awareness to ensure full technological adoption.