Fintech won in Francophone Africa. Now what?

Francophone Africa has witnessed a fintech boom, with technology and financial services intertwining in the region. Investors are primarily attracted to payments as a key component of the digital economy. In the West African Economic and Monetary Union (UEMOA), electronic money accounts have surged from 25.5 million in 2014 to 248.7 million by the end of 2024, processing 11 billion transactions worth 160,415 billion CFA francs, or approximately 270 billion dollars.

Mobile money now accounts for 57% of the region's financial inclusion rate, which stood at 73.6% in 2024.

In Senegal, Wave became the first African francophone unicorn in 2021, valued at $1.7 billion. Its 1% fixed fee on transfers helped it compete with Orange Money, which claims 20 million monthly users across eight markets. Similarly, MTN and Orange's mobile money services in Cameroon boast over 20 million accounts, while M-Pesa, Airtel Money, and Orange Money in the Democratic Republic of Congo have around 34.2 million active users, with Airtel Money's revenues increasing by 42% in a year to reach $194.8 million.

The fintech advancement is evident, but its impact on the broader technology ecosystem is less apparent. Payments arrived first because the necessary infrastructure was already in place. Formal banking penetration in the UEMOA stands at around 24.3%, while mobile phone penetration is significantly higher, providing a large portion of the population with access to mobile phones and mobile networks without easy access to traditional banking services.

Regulatory frameworks also played a role, with the BCEAO implementing a regime for electronic money and introducing rules for instant payments. By September 2025, the PI-SPI interoperability platform offered a common payments infrastructure to the eight UEMOA countries. Telecom operators like Orange, Moov, and MTN had another advantage with their distribution networks, which reached communities that banks struggled to serve.

Adding financial services to these networks was far simpler than building a banking network from scratch. Development finance institutions and venture capital funds familiar with the model elsewhere in Africa were also more comfortable with the fintech approach.