PeyaPay, formerly known as Djogana Pay, has officially received authorization from the Central Bank of West African States (BCEAO) to operate as an electronic money issuer in Côte d’Ivoire. This milestone positions the company as the fourth licensed player in the country’s digital payments market, joining established operators Orange Money, Wave, MTN Money, and Moov Money. The approval underscores both the growing maturity of Ivorian fintech startups and the regulator’s openness to fostering competition in the sector.
A New Entrant in a Competitive Market
The Ivorian payments market has long been dominated by regional and international heavyweights, with their services embedded in everyday transactions across the country. PeyaPay’s entry marks the arrival of a locally driven challenger aiming to shake up a highly competitive landscape. By offering a fresh approach to pricing and user experience, the company seeks to win over customers in a market that is both demanding and fast evolving.
Value Proposition Focused on Accessibility
At the core of PeyaPay’s offering is a bold pricing model designed to increase accessibility for users. Money transfers between accounts are free of charge, while withdrawal fees are set at an ultra-competitive rate of 0.5 percent. The startup emphasizes simplicity and transparency, promising an intuitive mobile application that caters to the expectations of Ivorian consumers accustomed to speed and reliability.
Regulatory Approval as a Growth Catalyst
The BCEAO authorization, registered under the identifier EME.CI.025/2025, enables PeyaPay to issue and distribute electronic money under the regional regulatory framework of the West African Economic and Monetary Union (UMOA). This accreditation not only legitimizes the company’s operations but also signals the regulator’s trust in emerging fintech players. It also sends a broader message to entrepreneurs across West Africa that compliance and innovation can go hand in hand.
Local Roots and Institutional Backing
Djogana Pay, the parent company of PeyaPay, is structured as a Société Anonyme with a capital of 335 million CFA francs and a governance framework that includes a Board of Directors. Headquartered in Abidjan’s Riviera Bonoumin district, the company is formally registered under Côte d’Ivoire’s commercial and credit registry. With this solid institutional base, PeyaPay aims to scale its solutions while aligning with the country’s financial inclusion and digital transformation goals.
Implications for Consumers and the Ecosystem
For consumers, the arrival of PeyaPay expands the choice of digital financial services in a market where competition has already driven significant innovation. Its free transfer model and low withdrawal fees could place pressure on incumbents to revisit their pricing strategies. At the ecosystem level, the startup’s official recognition highlights the dynamism of Ivorian fintech and its potential to drive broader adoption of regulated digital financial services across West Africa.
A Challenging Road Ahead
Despite this achievement, PeyaPay faces the challenge of building trust among a customer base accustomed to established brands with proven reliability. Winning market share will require not only competitive pricing but also consistent service quality and robust infrastructure. The company acknowledges that user expectations in Côte d’Ivoire are high, especially regarding speed and reliability, making operational excellence a top priority.
PeyaPay’s BCEAO approval marks a pivotal step in its journey to become a major player in Côte d’Ivoire’s digital payments sector. By combining regulatory compliance, competitive pricing, and a user-friendly product, the company is well-positioned to challenge industry incumbents. Its success will ultimately depend on its ability to deliver reliability at scale and to earn the trust of Ivorian consumers in one of Africa’s most dynamic financial markets.