Insiders Nabbed As Fraud Scandal Stuns Senegal’s Tech Scene
Senegal’s fast-growing technology sector has been hit by two high-profile fraud cases that highlight weak internal controls and could undermine investor confidence in one of West Africa’s most dynamic digital markets.
Authorities this month arrested Cheikh Mbacké Thiam, treasurer of Dakar-based fintech Intech Group, for allegedly embezzling more than 298 million CFA francs (USD 487 K) over four years. The case follows a separate probe at state-owned digital agency Sénégal Numérique SA, where a former social media manager admitted to siphoning off funds for personal use.
Intech, founded in 2019 by Mouhamet Mbow, develops payment aggregation and digital solutions across Senegal, Benin, Mali and Ivory Coast. Court filings show Thiam, who joined the company in 2019, exploited a loophole in Intech’s proprietary platform that allowed him to “replay” past validated transactions. The re-initiated transfers were diverted to his personal mobile money accounts and those of an accomplice in Ivory Coast.
The alleged scheme unraveled in May after internal analysts flagged suspicious activity. Confronted by management in June, Thiam admitted to the fraud, repaid about 107 million CFA in cash and assets, and pledged to reimburse the balance. He was arrested at Dakar’s Blaise Diagne International Airport while attempting to leave the country, police said.
The case comes weeks after investigators accused Serigne Saliou Ndiaye, a staffer at Sénégal Numérique SA, of misappropriating more than 46 million CFA francs (USD 75 K) over 18 months by using the agency’s corporate bank card for personal online transactions. Ndiaye, who earned a monthly salary of 440,000 CFA (USD 700.00), told authorities his wages were “insufficient,” according to court documents.
Both cases point to systemic gaps in governance at private and public institutions. Analysts warn that excessive reliance on individual trust, concentration of financial authority in single roles, and the absence of independent audits or dual-signatory protocols leave companies vulnerable to insider abuse.
Senegal has positioned itself as a digital hub for Francophone Africa, drawing startups and venture funding to its payments, e-commerce and government tech sectors. But stakeholders fear investor sentiment could sour if corporate oversight fails to keep pace with rapid expansion.
Featured Image Credits: IDOM
