Flutterwave, a Nigeria-based payments technology company, has obtained a Payment Institution (PI) license from the Central Bank of West African States (BCEAO).
The license allows the company to operate in Senegal and provide its full suite of digital payment services to businesses in the country.
This development is part of Flutterwave’s broader strategy to support digital payments across Africa and strengthen its presence in West Africa.
With the new license, businesses in Senegal can use Flutterwave’s infrastructure to manage collections and payouts, offering payment options such as mobile money and cards.
Olugbenga ‘GB’ Agboola, Founder and Chief Executive Officer of Flutterwave, said:
“It is necessary to make payments as easy as possible across Africa. The continent is brimming with business opportunities, and Senegal, like many other African nations, has the potential to be at the forefront, radically contributing to the growth of Africa’s digital economy.”
According to the World Bank, 28% of adults in Sub-Saharan Africa use mobile money.
Senegal is among the key markets driving this growth, reflecting the broader trend of digital payment adoption in the region.
Flutterwave recently expanded its services to Cameroon and now operates in over 60% of African countries.
Its clients include companies such as Uber, Air Peace and Netflix.
Featured image credit: Edited by Fintech News Africa, based on image by Freepik
