The Central Bank of West African States (BCEAO) has granted Flutterwave, Africa’s top payments technology company, a Payment Institution (PI) licence, allowing it to operate fully in Senegal.
This milestone, announced on the company’s official blog on Thursday, further demonstrates Flutterwave’s dedication to creating a more integrated and inclusive digital economy throughout Africa.
Flutterwave’s services in Senegal
With this licence, Flutterwave can now provide Senegalese companies with its complete payment solutions, facilitating effective online transactions, payouts, and collections.
Small and medium-sized businesses (SMEs) can use tools like mobile money, card payments, personalised payment links, and an easy-to-use dashboard to ensure smooth transaction monitoring and administration.
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Why Senegal
Senegal is a part of the larger boom in digital finance in Sub-Saharan Africa, where 28 per cent of adults use mobile money.
Flutterwave’s expansion goals include improved financial inclusion, sustainable economic growth, and local business empowerment.
Olugbenga Agboola, the founder and CEO of Flutterwave, claims, “It’s necessary to make payments as easy as possible across Africa. Like many African nations, Senegal holds immense potential to radically contribute to the continent’s digital transformation. By delivering trusted, compliant, and scalable payment solutions, we are helping power a new financial future for Africa.”
Benefits for Senegalese businesses
Through Flutterwave’s dependable and secure infrastructure, the move enables companies in Senegal to expand their customer base, simplify their financial operations, and open up new revenue streams.
In keeping with its goal of spearheading Africa’s payment revolution, the license comes after Flutterwave’s recent entry into Cameroon.
The business currently serves international clients like Uber, Netflix, and Air Peace and operates in more than 60 per cent of African markets.
Africa’s rapid expansion
The demand for safe, practical payment methods and rising smartphone usage are predicted to fuel Africa’s digital payments sector’s rapid expansion.
The introduction of Flutterwave into Senegal demonstrates the company’s belief in the potential of the area and emphasises its contribution to the continent’s digital transformation.
Flutterwave and the larger digital payments market have both strategically benefited from the company’s licensing in Senegal.
Flutterwave’s extensive service portfolio is expected to support Senegalese companies’ expansion and increased involvement in the continent’s changing financial landscape.
Flutterwave’s Send App remittance app
Flutterwave, Africa’s top payments technology firm, announced on July 3 the relaunch of its Send App remittance service in the United States, now covering 20 additional states.
This expansion follows Flutterwave securing 20 new Money Transmitter Licenses (MTLs), raising its total to 34 licences nationwide, enabling direct operations without intermediaries.
With the Send App’s return, users in the U.S. can now send money to Nigeria, Ghana, and Egypt, opening remittance corridors that were previously unavailable.