• Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries.

• It targets growth in Africa’s booming $1.5T digital payments market despite lacking profitability.

• Faces strong competition, especially from Senegal-based rival Wave.

Nigerian fintech unicorn Flutterwave announced last week it has obtained a payment institution license from the Central Bank of West African States (BCEAO), enabling it to operate fully in Senegal. The company is accelerating its expansion across Africa, where the digital payments market is projected to reach $1.5 trillion by 2030, according to a 2025 report by U.S.-based payments provider Mastercard.

"With this license, we can now offer our full suite of seamless, reliable, and secure payment solutions to businesses across Senegal and those looking to expand into one of Francophone Africa’s most promising economies," said Rotimi Okungbaye, Head of Corporate Marketing at Flutterwave. "These businesses can now leverage our solutions to serve customers both locally and globally, offering their preferred payment options."

The approval to operate in Senegal follows just weeks after the Bank of Central African States (BEAC) sanctioned Flutterwave’s entry into Cameroon through a technical partnership with Ecobank. In 2024, the company had already expanded to Rwanda, Uganda, Zambia, and Mozambique, bringing its footprint to approximately 35 countries. It also operates in other key markets on the continent, including Nigeria, Kenya, South Africa, and Egypt.

Expanding across the continent offers Flutterwave the opportunity to grow its revenues in a rapidly expanding market. This growth is fueled by accelerated digital transformation driven by the rise of digital payments. According to Mastercard's report, this surge is largely supported by fast progress in internet penetration and financial inclusion. The company projects that internet penetration in Africa will grow at a compound annual rate of 20%, while financial inclusion is expected to rise by 6% per year. These trends point to a strong shift toward digital transactions, with both businesses and consumers increasingly adopting contactless solutions.

Since its launch, Flutterwave claims to have processed over 800 million payments totaling $34 billion. Founded in 2016, the company is not yet profitable. In a February 2025 interview with Bloomberg, co-founder and CEO Olugbenga Agboola stated that the unicorn will not go public until it becomes profitable. He said, "Right now, the goal is: how do we build a profitable, resilient, and scalable company?"

Conquering the African digital payments market will not come without challenges, however. The company faces mounting competition. According to a report from the European Investment Bank (EIB) published in November 2024, the number of fintechs on the continent grew from 450 in 2020 to 1,049 in April 2022, and reached 1,263 by January 2024. Key players include OPay, Tyme Group, Chipper Cash, Interswitch, MNT-Halan, Moniepoint, and Wave. Wave, in particular, has a strong foothold in Senegal, where Flutterwave has just arrived.

Isaac K. Kassouwi