WAEMU: BCEAO Approves 9 New Payment Institutions

The Central Bank of West African States (BCEAO) has approved nine new payment institutions within the West African Economic and Monetary Union (WAEMU), according to Financial Afrik and corroborated by market sources.

In Côte d’Ivoire, Feexpay SA, Cinetpay Africa SA, and Dunya Digital Payment SA CI have received licenses. In Guinea-Bissau, Intouch Guinée-Bissau was granted authorization. The Senegalese market saw the approval of four new institutions: Samir Money Sénégal SA, Versus Finances Tech-SA, Copay SA, and SESA Digital Finance SA. Intouch Togo was also licensed in Togo.

With these new entrants, the total number of licensed payment institutions in WAEMU rises to 20, up from 11 as of the end of May 2025.

This wave of approval reflects the accelerating pace of financial digitization across the WAEMU region. The arrival of new players specializing in mobile and digital payment solutions increases competition with traditional financial service providers while broadening the range of services available to both individuals and businesses.

The BCEAO’s move underscores its commitment to promoting financial inclusion by expanding access to modern payment services, an essential lever for boosting economic transactions and supporting the formalization of national economies.

However, this rapid expansion also presents challenges related to regulation, transaction security, and the sustainability of business models in a market that is still developing and finding its structure.