(Ecofin Agency) – A decline in the dynamics of private equity in Africa and a new successful release of Wave Mobile allow Senegal to rise to third place among African countries having received financing in this sector in the third quarter of 2022.
With a total of nearly $97 million, Senegal, during the third quarter of 2022, attracted more financing resources via private equity than Kenya and South Africa. The West African country is in third place behind Egypt ($114.2 million) and Nigeria ($221.25 million), we learn of the Techcabal report on the sectorwhich is available in the document library d’Ecofin Pro.
This performance was supported by the $91.8 million loan provided by the International Finance Corporation (IFC) and other investors in July 2022 for the benefit of the fintech Wave Mobile. The second largest transaction targeting a Senegalese company concerns the $5 million received by Baobab+ from Symbiotics.
Beyond this positive momentum, Senegal remains a modest player in private equity financing on the continent. According to transaction log data maintained by Ecofin Agencythe country has received nearly $342 million from the sector since 2019, but Wave alone has received $291 million of the period total.
More generally, private equity financing is going through a modest period in 2022, compared to 2021. At the end of the third quarter of 2022, the total funds raised on the continent via its various mechanisms was $3.6 billion, down 53% according to the Techcabal report.
