African fintech leader, Flutterwave, has obtained a Payment Institution License from the Central Bank of West African States (BCEAO), enabling full operations in Senegal and marking a key milestone in its pan-African expansion.
The license positions Flutterwave to deliver its comprehensive suite of digital payment solutions in one of Francophone Africa’s fastest-growing economies, tapping into Senegal’s thriving mobile money ecosystem.
“This license is a gateway to unlocking immense business opportunities and integrating Senegal into Africa’s digital economy,” said Olugbenga Agboola, Flutterwave’s co-founder and CEO.
“Senegal has the potential to significantly drive Africa’s growth story.” The move aligns with Flutterwave’s strategy to secure licenses across the continent, strengthening its footprint in the region’s digital payment revolution.
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Senegal’s digital payments market is projected to reach $3.08 billion in 2025, with a 21.46% annual growth rate, climbing to $8.15 billion by 2030, according to Statista. Fueled by a tech-savvy population—74% under 40—and 60% internet penetration, platforms like Wave, Orange Money, and Free Money have driven mobile money adoption.
Flutterwave’s entry will enhance access to tools such as mobile money collections, cross-border payouts in West African CFA franc, and integrated APIs for platforms like Shopify and WooCommerce.
Agboola emphasized that the license enables Flutterwave to provide seamless, secure, and scalable payment solutions for local businesses and global enterprises entering Senegal. With ISO-certified security and bilingual customer support in French and English, Flutterwave is poised to empower businesses and further Senegal’s role in Africa’s digital transformation.
