Flutterwave, the leading payments technology company in Africa, has recently achieved a significant milestone by obtaining a Payment Institution (PI) license from the Central Bank of West African States (BCEAO). This licensing breakthrough marks an exciting new chapter for Flutterwave as it paves the way for the company to roll out its full range of digital payment services in Senegal.
“This license is a game-changer for us. It opens up doors for us to provide our cutting-edge payment solutions to businesses and individuals in Senegal,”
remarked Olugbenga ‘GB’ Agboola, the Founder & CEO of Flutterwave. The move comes at a time when digital payments are gaining momentum across Africa, reshaping the continent’s economic landscape.
Senegal, known for its burgeoning fintech ecosystem, has emerged as a key player in West Africa’s digital economy. With 28% of adults in Sub-Saharan Africa already using mobile money, there is a growing demand for innovative payment solutions that cater to diverse needs. By entering the Senegalese market with its PI license, Flutterwave aims to empower small and medium-sized enterprises (SMEs) with a comprehensive suite of tools including mobile money integration, card payments capabilities, customizable payment links, and an intuitive dashboard interface.
“It’s essential to simplify payments across Africa and make them accessible to everyone,”
emphasized Agboola.
“Senegal has immense potential to lead the digital revolution in Africa by embracing advanced payment technologies.”
In addition to enabling seamless transactions within Senegal, Flutterwave’s expansion aligns with its broader strategy of enhancing financial inclusivity and business efficiency across the continent. Bode Aregbesola, Flutterwave’s Senior Vice President for Sales in West Africa noted that their goal is to address real-world payment challenges through secure technology and a diverse array of products.
“We are committed to providing businesses and individuals with reliable payment solutions that streamline their operations and drive growth,”
Aregbesola affirmed.
The issuance of the PI license not only signifies Flutterwave’s commitment to fostering financial innovation but also underscores its relentless pursuit of market expansion within Africa. The company’s recent entry into Cameroon further solidifies its presence on the continent, where it now operates in more than 60% of African countries.
With an impressive track record encompassing over 890 million transactions valued at over $34 billion globally, Flutterwave has established itself as a trusted partner for renowned brands such as Uber, Netflix, and Air Peace. Its relentless focus on technological advancement and customer satisfaction continues to position it as a frontrunner in shaping Africa’s evolving digital economy landscape.
As Flutterwave embarks on this new venture in Senegal following its successful licensing acquisition from BCEAO,
the company is poised not only to transform how payments are made but also set new standards for financial inclusion and technological innovation on the vibrant West African stage.
