Administrative silence is sometimes noisier than an open crisis. For several months, a discomfort has persisted in the Senegalese Fintech sector, and he has started to seriously worry economic players. In the background: the Blocking PSP approvals (payment of payment services), however supposed to support the structuring of a booming ecosystem.
It’s a alarm cry that Oumar Diallo pushes todayfounding member of the Sen Startup organization and Fintech consultant to the Inclusive Digital Finance (GTDIF) working group of the BCEAO. In a contribution published on LinkedIn, he denounces an “incomprehensible and unjustified” situation which threatens the future of dozens of young companies in a strategic sector.
Paralyzed Senegalese Fintechs
In accordance with the BCEAO’s 001-01-2024 instruction entered into force last January, several Senegalese fintechs have submit their PSP approval request files. An essential process to supervise their activities, obtain legal status in the UEMOA space, and above all, Access investment and partnership opportunities.
But for almost a year, No approval has yet been granted in Senegalunlike other countries in the sub-region such as Benin, Togo or Côte d’Ivoire, where the process is progressing-slowly, certainly, but surely.
“It’s total stop. Some operators even claim to have received lists prohibiting banks from collaborating with fintechs awaiting pleasure. However, 80 % of them have respected the deposit procedures. The vagueness is total, ”deplores Oumar Diallo.
Already palpable economic consequences
This administrative blocking is not without consequences. In addition to braking innovation, it threatens employment, repels international partnershipset stops financing during negotiations.
Senegalese startups, sometimes incubated with a lot of public funds or international initiatives, find themselves asphyxiated before they can even prove their value on the market. A paradoxical situation in a country which nevertheless displays major digital ambitions, in particular through its “New Technological Deal”.
An appeal to the supervisory authorities
In his column, Oumar Diallo is addressed directly to Alionsal roomMinister of Communication, Telecommunications and Digital, and Cheikh DibaMinister of Finance. “We do not ask for a pass-right. We ask for clarity, deadlines, feedback on our files. It’s time to open a constructive dialogue, ”he writes.
According to him, only Senegalese structures are blocked in the UEMOA zone, a situation that could harm competitiveness and like the country in the regional digital sector.
Beyond the administrative urgency, this case also raises the question of Senegal technological sovereignty. Can we really talk about digital independence if young innovative companies are prevented from exercising, for lack of legal recognition? Can we aim for a regional leader’s role without supporting those who build, on a daily basis, the payment and financial inclusion solutions of tomorrow?
The Fintech sector is not a threat. It is an opportunity. To ignore it is to risk seeing the talents, the innovations and the capital that Senegal claims to want to want to attract. In the meantime, time passes. And every day that flows unanswered is One day too much for startups which, elsewhere, have already raised funds or launched their products.
