• The Central Bank of the West African States (BCEAO) licenses nine fintechs for digital payment services in the West African Economic and Monetary Union (WAEMU)

• The requirement follows new BCEAO regulations effective January 23, 2024, reigniting debate over the lack of a single regional license

Just over a month after the Central Bank’s deadline for payment service providers to obtain regulatory approval, several applications remain under review. Licensing within the West African Economic and Monetary Union (WAEMU) is granted on a country-by-country basis.

Following a transition period that ended on May 1, 2025, payment service providers operating in WAEMU are now required to hold a license. This follows the entry into force of Instruction No. 001-01-2024, issued by the Central Bank of the West African States (BCEAO) on January 23, 2024. So far, nine fintech institutions have been officially approved.

In Senegal, where more than 100 fintechs operate, five have received authorization. PayDunya and Bictorys have been licensed as payment institutions (EDP). Mikaty and Flutterwave Senegal are now registered as payment service providers, while InTouch has been approved as an electronic money institution.

Speaking at a press conference, François Sène, BCEAO’s national director for Senegal, noted that many applications were delayed or incomplete, slowing down the approval process. Several requests remain under evaluation. Digital industry stakeholders have voiced concern over the pace of implementation, citing potential economic impact and procedural inefficiencies.

In Côte d’Ivoire, SycaPay, Firstcom Global Payments, and Julaya—a fintech focused on B2B payment services—have all been approved as payment institutions. InTouch, in addition to its Senegalese license, has also received EDP approvals in Côte d’Ivoire, Mali, and Burkina Faso. In Niger, i-FUTURE announced on May 19 that it had received its EDP license.

These cases underscore a structural issue: WAEMU countries issue licenses independently. Any fintech wishing to operate region-wide must apply separately in each country. This has renewed calls for a unified regional licensing regime, a concept long debated but still unrealized.

The regulatory framework also sets capital requirements ranging from 10 to 100 million CFA francs (around $17,400 to $174,000), and mandates that fintechs maintain headquarters within the region. Operators must also meet stringent cybersecurity and compliance obligations.

The BCEAO has stated that the objective of the new instruction is to strengthen the digital payments sector, ensure user protection, and enforce uniform standards. However, for fintechs across WAEMU, the question remains whether regulatory procedures can be streamlined to support faster innovation and broader financial inclusion.