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.
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