Flutterwave has gained a Payment Institution license to power payments for Senegalese businesses and connect Africa to the global economy.
The licence was approved by the Central Bank of West African States (BCEAO), and it allows the company to deliver its suite of payment solutions to businesses across Senegal and those looking to expand into the country. Flutterwave’s clients can leverage its solutions to serve their local and global customers, offering them their preferred payment options.
A mobile money solution
Flutterwave believes that Senegal is an emerging digital payment ecosystem in West Africa. Between 2013 and 2023, the number of registered mobile money accounts doubled, making the region a significant player in the mobile money space. This growth is driven especially by Senegal, Ghana, and Nigeria.
According to Statista, the total transaction value in the digital payments market in Senegal is expected to reach USD 3.08 billion in 2025, with a YoY rate of 21.46%, resulting in a projected total amount of US$8.15bn by 2030. This growth is driven by three factors, including the country’s internet penetration being at 60%, one of the highest in Africa, and a young population, with 74% of its citizens being younger than 40. The third key factor establishes that Wave, Orange Money, and Free Money dominate the mobile money space in the country, positioning it as one of the top adopters of mobile money in the West African Economic and Monetary Union (WAEMU) region.
The digitalisation consists of simplifying payments for individuals and making commerce more inclusive, enabling even SMEs in local markets to accept payments and scale faster. Flutterwave’s goal is to offer a compliant and secure infrastructure for these payments and growth. The company also delivers payment collection, payouts, API solutions, an intuitive dashboard, and no-code payment tools for businesses.
The company is compliant with industry security standards, including PA-DSS & PCI-DSS and ISO 27001 & 22301 certifications. Its payment solutions aim to improve operational efficiency and payment completion rates, leading businesses to higher revenue. Additionally, businesses can leverage Senegal’s booming digital economy and connect to a wider consumer base.
