Electronic Money License Granted to Quickpay SA in Senegal

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Quickpay SA, which previously offered its financial services through mobile devices in partnership with banks, is now shifting to a direct approach to reach customers, similar to its competitors. The fintech company aims to expand into new markets within the West African Economic and Monetary Union (WAEMU), beyond just Senegal.

On March 24, Quickpay announced that it has received an electronic money institution (EMI) license from the Central Bank of West African States (BCEAO). As a subsidiary of the EDK group, the company can now provide mobile financial services throughout WAEMU without relying on banking partners, as it did before.

With this new license, Quickpay joins a limited number of entities authorised to issue and manage electronic money independently, including market leaders Wave and Orange Finance Mobile in Senegal. Quickpay’s entrance as an authorised EMI in this growing market could increase competition and foster innovation. While Wave is known for its competitive pricing and ease of use, and Orange Money leverages its extensive network, Quickpay will need to stand out by providing innovative, cost-effective services tailored to local needs.

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According to a BCEAO report, electronic money accounts in the WAEMU region grew from 94 million in 2020 to 131 million in 2021, marking a remarkable 39% increase. Senegal alone saw a 63% rise in subscriptions during this period, highlighting the increasing demand for digital financial services.

Despite the rapid adoption of fintech solutions in Senegal, a considerable portion of the population remains unbanked, with notable gender disparities. The GSMA report “Industry Update: Global Mobile Money Services, 2024” indicates that nearly 30% of women in Senegal still lack a mobile money account, while nearly all men have adopted the service. Addressing this digital divide is a significant challenge for industry players, including Quickpay, to achieve true financial inclusion.