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Decentralization trends in Senegal

1. Yellow Card Financial, a Pan-African cryptocurrency company, has expanded its operations to Senegal, making it the 16th country on the continent in which it is operational. The company’s mission is to make it easy for anyone in Africa to buy cryptocurrencies using cash, mobile money, card, bank transfer, and the local currency (XOF Cfa) at the best rates. Yellow Card’s entry into the Senegalese market is expected to provide the best crypto exchange platform to the population and make financial inclusion for all a reality

2. With a young, digitally native population, it has become common for people to send money via mobile phones instead of banks. Mobile money providers like Wave have emerged to bank the unbanked and improve financial conditions for underserved populations. The scars of Senegal’s monetary collapse and residual regime remain, leading people to look for alternatives like Bitcoin.

3. There needs to be a higher level of Bitcoin adoption in Senegal due to low literacy rates and a need for more educational resources in Wolof, the primary language spoken. Bitcoin enthusiast “Nourou” founded Bitcoin Senegal and aims to help bring Bitcoin to the country with educational talks targeting restaurants, business people, surf schools, and established commerce.

4. Nourou is also developing Senegal’s first proprietary Bitcoin exchange from scratch, with a planned launch in July 2022, which he hopes will compete with Binance and Paxful. Meanwhile, Tribal Credit, a crypto-focused enterprise payment platform, has partnered with Visa to expand credit and financing options for small- and medium-sized enterprises across Latin America.

5. Akon City is a proposed real estate project in Senegal, Africa, envisioned by R&B artist and entrepreneur Akon. The project is intended to be a high-tech, environmentally sustainable city built on a 2,000-acre site in Mbodiène. The city will also use a cryptocurrency called Akoin, designed to be a pan-African currency. The project has faced delays due to the pandemic and concerns over the legality of cryptocurrencies in Senegal. Akon has assured stakeholders that the project is still moving forward, but there is no clear timeline for completion. If completed, Akon City could play a key role in driving the economy of Senegal and improving the lives of its citizens.

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