07-18-2025 
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One of Africa’s largest fintechs, Flutterwave, has obtained a new license that allows it to expand its services into Senegal.
The payments infrastructure company, whose African headquarters are in Lagos, Nigeria, acquired the Payment Institution License from the Central Bank of West African States (BCEAO).
“This is more than an operational green light, it’s a gateway to unlock immense business opportunities and further integrate Senegal into Africa’s digital economy. Senegal has the potential to be at the forefront of radically contributing to Africa’s growth story,” commented co-founder Olugbenga Agboola.
Flutterwave operates in over 30 African countries, with regional bases in Nairobi, Accra, and Johannesburg for its East, West, and South African operations, respectively.
The company’s expansion comes when the Senegalese government has been aggressively pushing digitalization under the Technological New Deal, which is part of the Senegal 2050 roadmap that seeks to make the country’s digital economy a regional leader.
The country, whose population is 17.99 million, boasts 21.92 million mobile connections and 10.79 million internet users. 75% of the country’s population is aged 34 and below, making it more receptive to the latest technologies.
Digital payments have surged in Senegal in recent years, with one report estimating the total transaction value to hit $3.1 billion this year and $8.2 billion by the decade’s end.
This makes Senegal a prime target market for Flutterwave, whose main products include mobile money payments and cross-border transfers.“This license allows us to power seamless, secure, and scalable payments for local businesses and global enterprises looking to enter this vibrant market,” Agboola added.
The expansion comes a month after the company received a license from the Central Bank of the Central African States to expand into Cameroon. It partnered with pan-African lender Ecobank in the country, becoming one of a few fintechs licensed to serve Cameroon’s 29 million residents.
“By offering secure, compliant, and accessible payment solutions, we’re creating opportunities for businesses of all sizes, from local merchants to global brands; to grow and thrive,” Agboola commented at the time.
Flutterwave is one of Africa’s biggest fintechs. The nine-year-old startup reportedly processed $31 billion in transaction value in 2024, hitting 890 million in cumulative transactions. In its most recent funding round, it raised $250 million at a $3 billion valuation, bringing its total funding to nearly $500 million and making it the continent’s most valuable startup at the time.
It has been eyeing a public listing, and earlier this month, it axed 50% of its staff in Kenya and South Africa to boost profitability ahead of the IPO. It had also laid off 3% of its global workforce last year as pressure mounted from its biggest backers to increase profitability and appeal to investors after it hits the stock market.
Watch: Tech redefines how things are done—Africa is here for it
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