Flutterwave has secured a Payment Institution license, allowing it to facilitate payments for businesses in Senegal and enhance connections between Africa and the global market.

This licensing was granted by the Central Bank of West African States (BCEAO) and enables Flutterwave to provide its suite of payment solutions across Senegal. Clients can use these solutions to serve both local and international customers, offering them a range of preferred payment methods.

A Focus on Mobile Money

Flutterwave views Senegal as an emerging digital payment landscape in West Africa. Between 2013 and 2023, the number of registered mobile money accounts in the region more than doubled, with Senegal playing a crucial role in this growth.

According to Statista, the total transaction value in the digital payments market in Senegal is anticipated to reach USD 3.08 billion by 2025, growing at an annual rate of 21.46%. By 2030, this figure is projected to rise to US$8.15 billion. This growth can be attributed to factors such as a high internet penetration rate (60%), a youthful population with 74% under the age of 40, and the dominance of Wave, Orange Money, and Free Money in mobile payments.

Digitalization aims to simplify transactions for individuals and make commerce more inclusive. It supports small and medium-sized enterprises (SMEs) by enabling them to accept payments and grow their operations more efficiently. Flutterwave strives to offer a compliant and secure infrastructure for these payments, along with services such as payment collection, payouts, API solutions, an intuitive dashboard, and no-code payment tools.

The company adheres to industry security standards including PA-DSS & PCI-DSS certifications and ISO 27001 & 22301. Its payment solutions are designed to boost operational efficiency and increase the success rates of payments, ultimately driving higher revenues for businesses. Moreover, companies can tap into Senegal’s rapidly expanding digital economy and connect with a broader customer base.