Michael Raynor, US Ambassador to Senegal welcomed the very dynamic breakthrough of the American Fintech Wave.
Responding to questions from our colleagues from the newspaper Le Soleil, the ambassador largely returned to the bilateral cooperation between Senegal and the United States. ” We are very proud of the American private sector, which has advanced technology, respects the environment and corporate social responsibility. We believe that the best way to build sustainable economic development and job creation is to combine our development projects with private sector investment. We currently have about fifty American companies in Senegal and I dare to believe that this number will increase in the years to come. American companies established here work both for their prosperity, but also for that of Senegalhe said in a long interview with the national daily.
Speaking of American companies based in Senegal, Michael Raynor magnifies the work done by Wave, which is an American fintech. “Recently, a company operating in the energy sector, for example, signed an agreement with Senelec to extend the distribution of electricity. Another example is that the fintech specializing in money transfer and the most dynamic in Senegal was founded by an American,” he recalls.
Present in Senegal, Wave was able to revolutionize the money transfer market with its famous 1%. The American subsidiary has also recently received funding worth 90 million euros from IFC for its development in Senegal and Ivory Coast, not to mention obtaining the EME license from the BCEAO which allows the Fintech to now offer its financial services and products directly to customers.
According to the US Ambassador to Senegal, “the private sector not only empowers what we do here, but also helps Senegal achieve its development goals. Our partnership also aims to strengthen democracy. Like the United States, Senegal has understood the importance of safeguarding our democratic tradition, that it constantly needs to help this democracy. We recently launched a program to support the electoral process, including the territorial elections of last January, those of next July, the presidential election to come, etc.
He adds : ” This program aims to build the capacity of observers, to promote dialogue between the Government and civil society as well as political parties. It promotes voter education particularly among people who would not be comfortable participating in elections, especially first-time voters, women and people living with disabilities. We work with Senegal to help and encourage their participation in elections in their own country and thus strengthen democracy.”