• BCEAO grants extra time for payment service providers to get licensed by August 31, 2025

• Only licensed firms will be allowed to operate from September 1 across the WAEMU region

• Fintechs are the main targets of the new rules aiming to secure the digital finance space

The Central Bank of West African States (BCEAO) has once again extended the deadline for payment service providers to comply with its licensing rules. These providers now have until August 31, 2025, to obtain official approval to operate legally in the West African Economic and Monetary Union (WAEMU). The decision was shared in a statement dated May 27, 2025.

The BCEAO said this new extension is meant to give companies more time to complete all necessary steps to secure their license. While the bank did not outline what penalties might apply for missing the deadline, it warned that operating without approval after that date will not be tolerated.

This is the third time the deadline has been pushed back since Instruction N°001-01-2024 was issued on January 23, 2024. That regulation set the standards for payment services within WAEMU. At first, companies had until July 31, 2024, to get licensed. That was moved to January 31, 2025, and then to May 1, 2025. Now, with the latest shift, only licensed entities will be allowed to offer payment services starting September 1, 2025.

The updated rules mainly affect fintech firms, which were not previously required to hold specific licenses. In contrast, banks, credit institutions, and microfinance groups, already under existing financial regulations, are allowed to continue providing payment services under their current approvals.

To get licensed, fintechs must meet minimum capital requirements ranging from CFA10 million to CFA100 million, depending on the kind of services they offer. The goal is to bring more structure to the payment services space, safeguard consumers, and improve trust in the region’s financial systems.

The new deadline was welcomed by several players in the sector. The WAEMU Fintech Alliance, a network of tech companies in the region, praised the move as a sign that the BCEAO is paying attention to on-the-ground realities. The group said the delay shows a will to create fair and inclusive regulation that supports the growth of the fintech ecosystem. They added that the extension gives payment providers a final and critical chance to complete their license applications in time to legally operate from September 1.

With this licensing effort, the BCEAO hopes to better organize digital finance services while still supporting innovation and broader access to financial tools. These efforts are seen as essential for developing modern payment systems in the region’s member states.

As of May 27, 2025, a total of 11 companies had received their licenses, according to the central bank. Most of them are based in Côte d’Ivoire and Senegal, with each country accounting for 4 licensed firms. Burkina Faso, Mali, and Niger each had one authorized provider at the time of the announcement.