• Benin’s FeexPay and Côte d’Ivoire’s Cinetpay receive BCEAO payment service licenses
• Both firms expand their reach across West and Central Africa with stronger compliance
• Deadline of August 31, 2025 set by BCEAO for all fintechs to obtain operating licenses

The Central Bank of West African States (BCEAO) has issued two new payment service provider licenses, reinforcing regulation in the growing fintech industry across the West African Monetary Union (WAEMU).

The approvals come as the BCEAO’s August 31, 2025 deadline for licensing fintechs and other payment service providers has taken effect. The requirement, postponed three times before, is intended to strengthen the reliability of the regional financial system, bring fintech activities under tighter supervision, and improve consumer protection.

The newly authorized fintechs include Benin’s FeexPay and Ivorian Cinetpay Africa SA.

FeexPay Chief Executive Jean-Hugues Houinsou said the approval followed several months of work. Founded in May 2023, the startup offers money transfers and digital payments across Africa. It is already active in six countries, including Benin, Côte d’Ivoire, Togo, Senegal, Burkina Faso, and Congo. The company aims to become a pan-African payments platform and expand its role in cross-border transactions.

Cinetpay Africa SA, for its part, says it processes more than 6 million transactions per month in over ten francophone African countries. The new regulatory status enhances the security of its operations and ensures compliance for clients and partners, consolidating its position as a leading digital payments provider in Côte d’Ivoire.