Fintech & payments regulation in Benin (2026)

Legal framework

BCEAO Instruction No. 001-01-2024 (23 January 2024) on payment services in UMOA member states; regulator is the Banque Centrale des États de l'Afrique de l'Ouest (BCEAO), the supranational central bank for all eight WAEMU/UMOA states including Benin

Key points: digital payments & fintech in Benin

1. 01BCEAO supranational licensing regime

   Benin has no separate national fintech regulator; it is fully governed by BCEAO Instruction No. 001-01-2024 (issued 23 January 2024), which lays down conditions and procedures for payment service providers across all eight UMOA member states in a single, harmonised framework covering 97 articles across six chapters.

   bceao.int bceao.int

2. 02Two licence categories: PI and EMI

   The instruction creates a Payment Institution (PI) licence for cash deposits/withdrawals, account management, and payment execution, and an Electronic Money Institution (EMI) licence for issuing and distributing e-money and mobile money. Capital requirements range from CFA 10 million to CFA 100 million (~USD 17,400-174,000); applications are processed within six months of a complete filing.

   avocatshouda.com bceao.int

3. 03Mandatory licensing enforcement from September 2025

   After two deadline extensions, the compliance period closed on 31 August 2025; from 1 September 2025 any payment service provider operating without a BCEAO licence in WAEMU, including Benin, is in violation of the regulatory framework. Nine fintechs had been formally approved by mid-2025, including Benin-headquartered FeexPay.

   launchbaseafrica.com mfw4a.org techinafrica.com

4. 04PI-SPI regional instant-payment rail launched

   The BCEAO launched the Interoperable Instant Payment System Platform (PI-SPI) on 30 September 2025, enabling sub-10-second transfers between banks, mobile money operators, microfinance institutions, and licensed fintechs across all WAEMU states. Forty-five institutions went live at launch; all remaining financial institutions and payment operators must integrate by 30 June 2026.

   financialafrik.com ecofinagency.com ecofinagency.com

5. 05Mobile money dominant; no open banking mandate

   MTN MoMo and Moov Money dominate digital payments in Benin, and the new BCEAO framework extends to mobile money operators as EMI licence-holders. There is no formal open banking or mandatory API-sharing regime within BCEAO/WAEMU as of 2026; data-sharing and API standards remain nascent and non-mandated.

   openbanking.ng bceao.int

6. 06No specific BNPL regulation

   Neither the BCEAO framework nor any Benin-specific legislation addresses buy-now-pay-later (BNPL) products distinctly as of 2026. BNPL offerings, to the extent they exist in the market, would fall under general consumer credit and payment rules but face no bespoke licensing or disclosure regime.

   avocatshouda.com ensafrica.com

Sources

1. 1.bceao.int/sites/default/files/inline-files/Instruction-No001-01-2024_relative_a
2. 2.bceao.int/fr/reglementations/instruction-ndeg001-01-2024-du-23-janvier-2024-rel
3. 3.bceao.int/en/content/electronic-money-issuing-institutions-0
4. 4.avocatshouda.com/en/uemoa-instruction-n001-01-2024-on-payment-services-in-umoa-member-
5. 5.ensafrica.com/news/detail/9068/new-uniform-law-on-banking-adopted-within-the
6. 6.mfw4a.org/news/bceao-licenses-nine-fintechs-digital-payments-waemu
7. 7.techinafrica.com/bceao-grants-first-licenses-under-new-fintech-rules-to-feexpay-and-ci
8. 8.launchbaseafrica.com/2025/04/03/no-license-no-business-bceaos-may-1-deadline-for-francopho
9. 9.financialafrik.com/en/2025/08/01/bceao-launches-the-interoperable-instant-payment-system
10. 10.ecofinagency.com/news-finances/0404-54418-bceao-imposes-june-30-deadline-to-complete-i
11. 11.ecofinagency.com/news-finances/0110-49183-waemus-instant-payment-system-launches-but-k
12. 12.openbanking.ng/open-banking-in-benin-republic/