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Nigerian tech billionaire Gbenga Agboola's Flutterwave secures payment license in Senegal

With this license, Flutterwave is positioned to help businesses in Senegal scale by offering its full range of seamless digital payment services.

Nigerian tech billionaire Gbenga Agboola's Flutterwave secures payment license in Senegal

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Flutterwave, the African Fintech giant founded by Nigerian entrepreneur Olugbenga Agboola, has won approval from West Africa’s central bank to operate as a payment institution in Senegal, a move that bolsters its efforts to cement dominance in Africa’s fast-growing digital payments market.

The Lagos-based company secured the license from the Central Bank of West African States (BCEAO), clearing a path to offer its full suite of digital payment services to businesses across Senegal. It’s a step that founder and Chief Executive Officer Olugbenga “GB” Agboola calls critical for unlocking the country’s “immense business opportunities” and integrating it further into Africa’s digital economy.

“It’s necessary to make payments as easy as possible across Africa,” Agboola said in a statement. “Senegal has the potential to be at the forefront of radically contributing to Africa’s growth story.”

The license comes as digital payment adoption surges across sub-Saharan Africa, fueled by mobile money services and an expanding tech-savvy middle class. According to the Waorld Bank, close to 28% of Africa's adult population already use mobile money services with Senegal representing a key node in that ecosystem.

Flutterwave’s expansion strategy aims to solve persistent payment challenges that plague small and medium-sized businesses in the region. Merchants will now gain access to services like mobile money and card payments, a dashboard to monitor transactions, and the ability to create payment links sharable via WhatsApp and Instagram—a vital tool in markets where social commerce is booming.

“We know firsthand the payment hurdles that frustrate business owners,” said Bode Aregbesola, senior vice president for West Africa. “Our goal is to provide secure technology and flexible solutions that enable them to scale.”

The Senegal approval follows similar regulatory breakthroughs for Flutterwave in Cameroon and reinforces its footprint across francophone Africa. The company already operates in over 60% of African nations, serving a roster of international heavyweights such as Uber, Netflix, and Air Peace.

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