Fintech in Francophone Africa: What’s Driving Growth and What’s Holding It Back

In this edition, we spotlight what’s actually happening in the region—with a closer look at both the systemic barriers and the local breakthroughs shaping the future of digital finance in Francophone West Africa.

You’ll also hear directly from Jacqueline Brøndberg, founder of MagmaSend—a fintech that’s quietly building some of the most important cross-border payment infrastructure in the region. MagmaSend operates across the WAEMU zone (West African Economic and Monetary Union), a bloc of eight countries that share a currency (the CFA franc), a central bank (BCEAO), and harmonized monetary policies.

The Big Picture

Francophone West Africa is home to a growing fintech ecosystem, but startups face an uneven playing field. Côte d’Ivoire and Senegal lead the region in regulation, infrastructure, and innovation, while countries like Niger and Burkina Faso still struggle with the basics: mobile penetration, connectivity, and consumer trust.

One company tackling these challenges head-on is MagmaSend, a fintech focused on building seamless payment infrastructure across Francophone West Africa. Led by founder Jacqueline Brøndberg, MagmaSend facilitates bank transfers, mobile money, and cash pickups by integrating with mobile network operators, banks, and distribution networks.

The WAEMU region as a whole is booming and we see new players, partners and interested parties enter every day—this is the valley of West Africa. So much to do still.
— Jacqueline Brøndberg, MagmaSend

While government-backed initiatives like Senegal’s New Deal Technologique and BCEAO regulatory reforms have laid foundations, founders must still navigate fragmented rules, talent gaps, and trust-building at the ground level.

What’s Holding Fintechs Back

1. Access to capital: Early-stage fintechs still struggle to raise pre-seed and seed rounds that match the realities of their market models.

2. Infrastructure gaps: In rural and peri-urban areas, unreliable internet and poor mobile coverage lead to transaction failures. USSD and SMS-based options remain underdeveloped.

3. Regulation and interoperability: BCEAO's new licensing requirements (Instruction №001–01–2024) raised the bar for compliance, causing disruptions to unlicensed players in 2025. Cross-border transactions remain difficult.

"One of the biggest challenges we addressed was enabling our partners to prefund in one country and efficiently process payouts across the region."
— Jacqueline Brøndberg

4. Talent shortages: Startup teams often lack experienced local talent. Retaining and upskilling junior staff is critical.

"That’s why we focus on training and nurturing local talent—our 'hidden gems.' They have deep local knowledge that we complement with management skills."
— Jacqueline Brøndberg

5.