Users of fintechs across Francophone West Africa woke up to blocked accounts on Thursday after a regulatory deadline set by the Central Bank of West African States (BCEAO) elapsed, forcing unlicensed digital payment providers to suspend services. Launch Base Africa had earlier reported about the deadline.

The move, which follows a 15-month transition period under BCEAO Instruction №001–01–2024, has left fintechs unable to process mobile money (MoMo) transactions, disrupting salaries, merchant payments, and e-commerce across the West African Economic and Monetary Union (WAEMU).

The Regulatory Crackdown

The BCEAO’s new framework, reinforced by Notice №004–03–2025, requires all payment service providers — including fintechs using Orange Money, Wave, and other mobile money APIs — to obtain formal licensing or cease operations.

Key requirements include:

• Minimum capital ranging from 10 million CFA francs (€16,500) for account aggregators to 100 million CFA francs (€165,000) for wallet and transfer services.
• Local incorporation within WAEMU (Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo).
• Strict AML/CFT compliance, mandatory data localization, and fraud reimbursement policies.

Despite the extended transition period, most fintechs failed to secure approval by the May 1 deadline, triggering widespread suspensions. 

With an estimated 50 million fintech-linked accounts in WAEMU, the disruption has left individuals and businesses stranded. According to findings by Launch Base Africa, in: 

• Senegal: Wave and Orange Money transactions are partially suspended.
• Côte d’Ivoire: Multiple fintechs, including Banxaas, confirmed service interruptions.
• Exceptions: Only Intouch, a licensed provider, remains fully operational, for now. 

A Dakar-based fintech operator, speaking anonymously, told Launch Base Africa: “We’re negotiating with the BCEAO, but until we get approval, all transactions are frozen. Many salaries and vendor payments won’t go through.”

Fintechs have scrambled to reassure users, with some, like DEXCHANGE, issuing notices acknowledging the suspension and pledging to expedite compliance.

But frustrations are mounting. A Senegalese freelancer told Launch Base Africa: “I can’t access my money. Customer service says they’re working on it, but how long will this last?”

What’s Next?

The BCEAO has not indicated when new licenses will be issued, leaving fintechs in limbo. Analysts warn of broader economic ripple effects:

• Salary delays for workers paid via fintech platforms.
• E-commerce disruptions, particularly for SMEs reliant on digital payments.
• Investor uncertainty, as regulatory risks deter funding.

For now, millions of users face an indefinite wait — and cash-dependent workarounds — as the region’s fintech landscape undergoes its most dramatic restructuring yet.