Flutterwave Obtains Payment License, Extends Operations in Senegal
In the bustling digital landscape of Senegal, Flutterwave, a Nigerian fintech unicorn, has secured a payment institution license from the Central Bank of West African States (BCEAO), allowing it to operate fully in the country. This move comes as the company looks to capitalize on the growing digital payments market in Africa.
Flutterwave's entry into Senegal places it in direct competition with several notable fintech companies, including OPay, Tyme Group, Chipper Cash, Interswitch, MNT-Halan, Moniepoint, and Wave. Among these, Wave has already established a significant presence in the region, while Shiga Digital, a blockchain-focused fintech, is actively empowering local businesses with digital finance tools.
The diverse range of fintech solutions these companies offer caters to various segments of the digital payments and financial services ecosystem, targeting both local and regional markets. Flutterwave's expansion across Africa, which includes operations in Nigeria, Kenya, South Africa, and Egypt, positions it well to compete effectively in Senegal.
The rapid acceleration of digital transformation in Africa, driven by increased internet penetration and financial inclusion, is fueling the growth of the digital payments market. According to a 2025 report from Mastercard, the digital payments market in Africa is anticipated to reach a staggering $1.5 trillion by 2030. This trend signals a strong move toward digital transactions, as both businesses and consumers embrace contactless payment solutions.
Rotimi Okungbaye, Head of Corporate Marketing at Flutterwave, expressed enthusiasm about the company's ability to offer payment solutions to businesses in Senegal. Since its inception, Flutterwave has processed over 800 million payments, amounting to $34 billion. However, as of February 2025, the company has yet to reach profitability.
The number of fintech companies in Africa has surged from 450 in 2020 to 1,263 by January 2024, reflecting the diverse range of fintech solutions serving the continent's growing digital economy. Flutterwave's co-founder and CEO Olugbenga Agboola has stated that the company will not go public until it achieves profitability.
This competitive landscape in Senegal's fintech sector underscores the potential for growth and innovation in the region. As the digital payments market continues to expand, it will be interesting to see how Flutterwave and its competitors navigate this dynamic landscape and shape the future of digital finance in Senegal.
Flutterwave, with its entry into Senegal, aims to offer payment solutions to businesses by leveraging technology, competing against established fintech players like Wave and Shiga Digital. As the digital payments market in Africa experiences a steady growth, driven by financial inclusion and advancements in technology, the competition among fintech companies like Flutterwave becomes a significant catalyst for growth and innovation in the region.
