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Senegal, along with seven other countries – Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger and Togo are part of the West African Monetary Union (WAMU). They all share the same currency – the Franc of the African Financial Community (F.CFA), which is issued by the Central Bank of West African States (BCEAO) – an international public institution headquartered in Dakar, Senegal.
The Council of Ministers of the eight WAMU nations along with a specially established Monetary Policy Committee, which is part of the Central Bank, defines the monetary and credit policy of the Union in order to ensure the value of the common currency and to provide for the economic development of each state.
Basically BCEAO is the only financial regulatory authority in the Union, and although they regulate the banking sector, all pension funds and other market participants, they do not have specific requirements for the retail forex and CFD brokers operating in the region.
That is why if you live in Senegal and wish to trade forex, better chose a broker regulated by a well known and respectable institution such as the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), or the Financial Conduct Authority in the UK, which will guarantee the safety of your funds.
Apart from major credit cards like VISA and MasterCard, as well as some well known e-wallets like PayPal and Skrill, in Senegal you may also use some local payment methods, namely Orange Finance Mobiles Senegal, Kash Kash, Mobile Cash Sa, Bimao, E-money And Sgbs-yup.