Flutterwave Secures Payment License, Expands in Senegal
Flutterwave, the Nigerian fintech unicorn, revealed last week that it has secured a payment institution license from the Central Bank of West African States (BCEAO), granting it the ability to operate fully in Senegal. This development marks a significant step in the company’s ongoing expansion across Africa, where the digital payments market is anticipated to reach a staggering $1.5 trillion by 2030, according to a 2025 report from Mastercard, a U.S.-based payments provider.
Rotimi Okungbaye, Flutterwave’s Head of Corporate Marketing, expressed his enthusiasm: “With this license, we are now positioned to offer our comprehensive range of seamless, reliable, and secure payment solutions to businesses operating in Senegal and those seeking to enter one of the most promising economies in Francophone Africa. These businesses can take advantage of our solutions to serve both local and global customers, providing them with their preferred payment options.”
The approval to operate in Senegal comes shortly after the Bank of Central African States (BEAC) approved Flutterwave’s entry into Cameroon via a technical partnership with Ecobank. In 2024, the company had already expanded its footprint to Rwanda, Uganda, Zambia, and Mozambique, bringing its total number of countries served to approximately 35. Flutterwave also operates in other important markets on the continent, such as Nigeria, Kenya, South Africa, and Egypt.
Flutterwave’s expansion across Africa provides the company with the opportunity to capitalize on the growing digital payments market. Mastercard’s report highlights that the rapid acceleration of digital transformation, driven by increased internet penetration and financial inclusion, is fueling this growth. Internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is expected to rise by 6% annually. These trends signal a strong move toward digital transactions, as both businesses and consumers embrace contactless payment solutions.
Since its inception, Flutterwave has processed over 800 million payments, amounting to $34 billion. Founded in 2016, the company has yet to reach profitability. In a February 2025 interview with Bloomberg, Flutterwave’s co-founder and CEO Olugbenga Agboola emphasized that the company will not go public until it achieves profitability. “Our current focus is on building a profitable, resilient, and scalable business,” Agboola explained.
However, Flutterwave’s quest to dominate the African digital payments space is not without its challenges. The company faces growing competition from an expanding array of fintechs across the continent. According to a report by the European Investment Bank (EIB) in November 2024, the number of fintech companies in Africa surged from 450 in 2020 to 1,049 in April 2022, reaching 1,263 by January 2024. Notable competitors in the space include OPay, Tyme Group, Chipper Cash, Interswitch, MNT-Halan, Moniepoint, and Wave. Wave, in particular, has established a strong presence in Senegal, where Flutterwave has only recently begun its operations.
The post Flutterwave Secures Payment License, Expands in Senegal appeared first on Tech In Africa.
