Flutterwave has obtained a Payment Institution license, enabling it to facilitate payments for Senegalese businesses and contribute to the integration of Africa into the global economy.
This approval by the Central Bank of West African States (BCEAO) permits Flutterwave to extend its suite of payment solutions across Senegal and beyond. Its clients can now utilize these solutions to cater to their local and international customer needs, providing them with a wide array of payment methods.
A focus on mobile money
Flutterwave views Senegal as a key player in the digital payments landscape within West Africa. Between 2013 and 2023, there has been a significant increase in registered mobile money accounts across the region, with Senegal leading this growth.
According to Statista, the total transaction value in Senegal’s digital payments market is forecasted to reach USD 3.08 billion by 2025, growing at an annual rate of 21.46%, and is projected to hit USD 8.15 billion by 2030. This growth can be attributed to several factors, including Senegal’s high internet penetration (60%), a youthful population where 74% are under the age of 40, and strong adoption of mobile money services from major players like Wave, Orange Money, and Free Money.
The digital transformation in Senegal aims to simplify financial transactions for individuals and enhance commercial inclusivity. It supports small and medium-sized enterprises (SMEs) by enabling them to accept payments more easily and scale their operations faster. Flutterwave seeks to provide a secure and compliant infrastructure that meets the needs of these businesses, offering payment collection, payouts, API solutions, an easy-to-use dashboard, and user-friendly payment tools.
The company is committed to adhering to industry standards such as PA-DSS & PCI-DSS and ISO 27001 & 22301 certifications. By doing so, it helps businesses achieve higher operational efficiency and better payment completion rates, ultimately driving their revenue growth. Furthermore, with Senegal’s rapidly expanding digital economy, businesses can tap into a larger consumer base.