Senegal's overall economic backdrop is favourable for the continued development of the country's banking sector, Fitch Ratings says in a new report. However, credit growth - particularly retail lending - is limited and banks are likely to be exposed to high single-name borrower concentrations.

Kosmos Energy (NYSE: KOS) announced today a major gas discovery offshore Senegal.

Moody's Investors Service has today upgraded the long-term issuer and senior unsecured debt ratings of the Government of Senegal to Ba3 from B1 and changed the outlook to stable from positive. Moody's also affirmed the short-term issuer ratings at Not Prime.

Millicom announced today that it has signed an agreement for the sale of its Tigo business in Senegal to Wari Group for $129 million. Wari Group, based in Senegal, is a leading platform for digital financial services in Africa.