Flutterwave, a leading fintech company providing payment infrastructure for global merchants, has officially obtained a Payment Institution License from the Central Bank of West African States (BCEAO).
This regulatory milestone authorizes the company to operate fully in Senegal, enabling it to deliver its complete suite of secure, seamless, and reliable payment solutions to businesses across the country.
With this license, Flutterwave is now positioned to support both local businesses and international enterprises looking to enter one of Francophone Africa’s most dynamic and promising economies. Merchants can now leverage Flutterwave’s infrastructure to offer customers their preferred payment options locally and globally.
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While Senegal is known for its rich cultural heritage, the country has experienced remarkable growth in mobile money adoption. Between 2013 and 2023, the number of registered mobile money accounts across West Africa doubled, with Senegal standing out alongside Nigeria and Ghana as key drivers of this growth. Usage surged from just 6% of adults in 2014 to around 45% in 2021, overtaking traditional banking accounts (28%).
According to Statista, the total transaction value in Senegal’s digital payments market is expected to hit US$3.08 billion in 2025, with projections estimating a rise to US$8.15 billion by 2030, driven by an annual growth rate of 21.46%.
Three key factors contribute to this rapid evolution:
•A youthful population, with 74% under the age of 40
•Strong internet penetration, currently at 60% — among the highest in West Africa
•Widespread mobile money usage, with platforms like Wave, Orange Money, and Free Money dominating the financial landscape
This digital transformation is not only streamlining individual transactions but also enabling commerce at every level from local markets to formal enterprises, making payments more inclusive and accessible.
Flutterwave’s Strategic Expansion into Senegal
Flutterwave’s expansion into Senegal is more than a geographical move; it’s a commitment to accelerating digital commerce in West Africa through compliant, scalable, and localized payment infrastructure. The company aims to fuel the region’s momentum by offering solutions tailored for growth, innovation, and inclusion.
For global and pan-African businesses, this license opens up new opportunities. Senegal offers robust mobile money infrastructure, access to the West African Economic and Monetary Union (WAEMU) trade bloc, and a growing e-commerce market. In fact, 50% of the population made a digital payment in the last year, highlighting rising consumer adoption.
Businesses operating in or expanding into Senegal now have access to Flutterwave’s full payment capabilities, including:
•Payment Collection: Acceptance of local and international payments via popular methods like Mobile Money (Wave, Orange Money) and cards (Visa, Mastercard, etc.)
•Seamless Payouts: Sending single or bulk payouts in CFA francs (XOF) to both bank accounts and mobile money wallets
•Robust API Integration: Businesses can use Flutterwave’s APIs, checkout solutions, or e-commerce plugins (e.g. WooCommerce, Shopify) to enhance customer payment experiences
•No-Code Tools: Businesses can generate and share payment links and invoices without writing a single line of code. Businesses are ideal for freelancers, small businesses, and digital sellers
•Intuitive Dashboard: Businesses can manage transactions, track reports, and oversee team activity through the user-friendly Flutterwave for Business dashboard
As Flutterwave deepens its presence across Africa, the company continues to solidify its mission of connecting Africa to the global economy through reliable, accessible, and innovative payment solutions. With Senegal now part of its operational network, Flutt is well-positioned to support the continent’s ongoing digital and financial transformation.