Faye is set to be declared Senegal’s next president after his main rival, Amadou Ba, the presidential candidate for the governing coalition, called him to concede defeat.
While delivering his speech, the president-elect thanked his opponents for respecting Senegal’s democratic tradition by recognizing his victory well before the announcing of official results.
"In electing me, the Senegalese people have decided on a break with a past," Faye told journalists in his first public appearance since the election, adding, "I promise to govern with humility and transparency."
The election marked the first since Senegal gained independence in 1960, where the incumbent was not running for re-election. It was also the first time that an opposition candidate won in the first round of voting.
Sall, the nation’s outgoing leader, did not stand after he served his constitutional two terms in office. He was among the leaders who called Faye to congratulate him on his victory while hailing "a victory for Senegalese democracy."
Ba, the candidate for the ruling coalition said he wishes Faye success "as the head of our country."
"The Senegalese people have reinforced the good health of our democracy," he said.
The United States echoed the sentiments passed by Sall and his hand-picked candidate, Ba.
"The commitment of the Senegalese people to the democratic process is part of the foundation of our deep friendship and strong bilateral ties," Matthew Miller, the State Department spokesperson said while speaking to reporters on Monday.
A peaceful transition of power in Senegal marks a boost for democracy in West Africa — a region which has experienced eight military coups since 2020.
Senegal's international bonds rose on reports that Faye was close to being declared a winner, reversing sharp falls from earlier in the day.
Senegalese hope the vote will bring stability and an economic boost after three years of unprecedented political turbulence and several waves of deadly anti-government protests.
"I am happy to see there is a wind of change," said an opposition supporter named Tall, who joined revelers during the night as street celebrations broke out in anticipation of Faye's victory.
Tall said, "it is wonderful because democracy has won. Many thought it would not happen."
The presidency will be Faye’s first time holding a nationally elected position. The 44-year-old ascended to the post after he was freed from prison alongside Ousmane Sonko, a firebrand leader who picked him to represent the opposition’s coalition.
Sonko turned to backing Faye as the opposition candidate after he was barred from running due to a defamation conviction which he argues was politically motivated.
After their release from jail this month, the opposition leaders jointly campaigned under the slogan "Diomaye is Sonko," promising to fight corruption and prioritize national economic interests. They were particularly popular among young voters in a country where more than 60% of people are under 25 and struggle to find jobs.
Faye said he will dedicate more state resources to help the nation’s youth.
The president-elect has also promised left-wing Pan-Africanism and to renegotiate gas and oil contracts, with Senegal due to start production on recently discovered oil and gas reserves later this year. Still, he sought to reassure investors that the country would respect its commitments.
Provisional results released on Monday showed Faye led the polls with approximately 53.7% and Amadou Ba - from the current ruling coalition - with 36.2% based on tallies from 90% of polling stations in the first-round vote, the electoral commission said.
The official results of the March 24 elections are expected to be announced by the Dakar appeals court on Friday.
Information for this article was sourced from Reuters and Agence France-Presse.