SenXaliss (SEN)
SenXaliss runs a complementary currency for Senegal called the SEN. Members buy SEN with CFA francs and spend it with member businesses. A thousand francs buys 1,050 SEN, so the unit carries a discount built in, and member firms can extend interest-free credit lines in SEN. Sofadel, a company in Dakar, built the system for households and small firms that banks do not reach. The SEN is not legal tender. It circulates alongside the CFA franc, and members can convert it back to francs for a 5 percent fee.
A Senegalese complementary currency built for the unbanked, backed by member firms' goods rather than pure fiat, and still shipping after regulators shut its first version. Held back by single-company control and unpublished adoption numbers.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Sofadel alone issues SEN, so entry is permissioned. Units are created when members prepay in CFA francs and when member firms open credit lines, which ties issuance directly to goods and services those firms will deliver. Redemption contracts supply. No cap is published.
Spending Power Stability2x2.0
The SEN tracks the CFA franc, which is pegged to the euro and so more stable than most currencies in the region. Stability is inherited, not engineered, and there is no published measurement or attestation of cover. The 5 percent buy-side bonus and the 5 percent exit fee set a wide spread around par.
Fiat Independence & Interoperability2x2.0
Pricing and redemption are in CFA francs. What lifts this above the floor is the backing: SEN is a claim on goods and services from member firms, not only on fiat, so a franc devaluation would not empty it. The project's stated purpose is to add a monetary layer the BCEAO does not control.
Traction2x3.0
Live and maintained, with the app last updated on 10 April 2026. It has been running in some form since the mid-2010s, redeployed digitally after regulators blocked the paper version. Merchant and user counts are not published, so adoption cannot be sized. Coverage in Senegalese financial press and a clear sovereignty narrative around the CFA franc give it recognition beyond its size.
Sovereignty2.0
A single private company keeps the ledger and holds the float. It operates under one jurisdiction and one central bank, which already stopped an earlier version in 2015. Membership is contractual, so exclusion is straightforward.
Governance2.0
Governance is ordinary corporate control by Sofadel. Terms of use are published, but there is no charter, no member vote and no separation between monetary and operational decisions. Issuance rules can be changed by the company.
Resilience2.0
It survived a regulatory block in 2015 and came back in digital form, which is a real adversarial event survived, though the mechanism had to change. Infrastructure is one company's app with no published redundancy or recovery plan, and long-term funding is not disclosed.
Inclusivity4.0
Serving people outside the banking system is the stated purpose, and no bank account is needed to join. Members can get interest-free credit without individual collateral, which is the sharpest inclusivity feature here. The discount on purchase passes part of the float benefit back to users. Access needs a phone and registration.