BUSINESS TECHNOLOGY MEDIA FOR AFRICA

Flutterwave scores Senegal license to power digital payments

By Phathisani Moyo, Senior contributor
Johannesburg, 11 Jul 2025
Olugbenga Agboola, founder and CEO of Flutterwave.
Olugbenga Agboola, founder and CEO of Flutterwave.

African fintech giant Flutterwave has secured a payment license to operate in Senegal, tapping into the country’s booming mobile money ecosystem and rising digital economy.

The acquisition of a Payment Institution License from the Central Bank of West African States (BCEAO) that enables full operations in Senegal builds on Flutterwave’s aggressive expansion strategy, which has seen it secure multiple licenses across Africa.

Nigerian tech mogul and Flutterwae co-founder Olugbenga Agboola, highlighted that the BCEAO greenlight allows the fintech powerhouse to offer its complete suite of digital payment solutions to businesses across one of Francophone Africa’s fastest-growing economies.

"This is more than an operational greenlight, it's a gateway to unlock immense business opportunities and further integrate Senegal into Africa’s digital economy. Senegal has the potential to be at the forefront of radically contributing to Africa’s growth story,” he said.

The West African nation has become a critical player in the continent’s digital payment revolution. 

Statista projects Senegal’s digital payments market will reach $3.08 billion in 2025, with a compound annual growth rate of 21.46%, hitting $8.15 billion by 2030. 

This boom is fueled by a tech-savvy youth, with 74% of them under 40, 60% internet penetration, and thriving mobile money platforms like Wave, Orange Money, and Free Money.

“This license allows us to power seamless, secure, and scalable payments for local businesses and global enterprises looking to enter this vibrant market,” Agboola added.

Flutterwave’s presence will bolster 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. 

Businesses will also benefit from Flutterwave’s regulatory expertise, ISO-certified security, and bilingual customer support in French and English.

Share

ITWeb proudly displays the “FAIR” stamp of the Press Council of South Africa, indicating our commitment to adhere to the Code of Ethics for Print and online media which prescribes that our reportage is truthful, accurate and fair. Should you wish to lodge a complaint about our news coverage, please lodge a complaint on the Press Council’s website, www.presscouncil.org.za or email the complaint to enquiries@ombudsman.org.za. Contact the Press Council on 011 484 3612.
Copyright @ 1996 - 2025 ITWeb Limited. All rights reserved.