This landmark legislation empowers FinTech companies to conduct some banking operations across WAEMU’s eight member states.
Further reinforcing this shift, the Central Bank of West African States (BCEAO) is issuing payment service provider licenses since May 2025. The new regulation outlines the conditions and procedures for offering payment services within the region. It applies to a broad spectrum of FinTech entities and other technology companies embedding a payment component.
The regulation introduces clear definitions of payment services, approval and registration protocols, governance standards, and internal control requirements. It also sets forth the obligations and prohibitions for service providers, ensuring a secure and transparent financial ecosystem.
Grant Thornton Senegal remains at the forefront of this regulatory evolution, offering expert guidance to FinTechs and investors navigating the WAEMU landscape. As the region embraces innovation, these reforms mark a pivotal step toward financial inclusion and digital transformation.
