In a groundbreaking development for the financial technology sector in Mali, Sama Money, a fintech company specializing in mobile payments and money transfers, has been granted an Electronic Money Establishment (EME) license by the West African Central Bank (BCEAO). This significant milestone marks a new era in the company’s journey, as it transitions from operating in partnership with UBA Mali to becoming an autonomous player in the electronic money distribution space.
Sama Money, founded in 2019 by Daouda Coulibaly, initially entered the electronic money distribution market in 2020 through a collaborative effort with UBA Mali, operating under the name “Sama by UBA.” For three years, this partnership enabled the company to provide essential services, such as cash withdrawals, currency exchange, and mobile payments, with the backing of UBA’s banking infrastructure.
However, on Friday, September 1st, 2023, Sama Money achieved a significant milestone by securing its independent EME license from BCEAO. This license grants Sama Money the legal authorization to issue and distribute its electronic currency, facilitating essential services such as cash withdrawals, loading electronic currency with fiat money, as well as payments and money transfers within the electronic money ecosystem.
Notably, Sama Money has now become the fifth electronic money establishment in Mali, joining the ranks of Orange Money, Moov Money, Wizall, and Zelia, as per data from BCEAO as of April 2023. What sets Sama Money apart from its counterparts is its autonomy — unlike other companies that have entered partnerships with technical operators, such as banks and telecom companies, for electronic money distribution in Mali, Sama Money stands as the first fintech to be authorized by BCEAO to operate independently, without the need for a partner, in issuing and distributing electronic money within the country.
read also Moniepoint, Nigerian Fintech Startup Ventures Into Personal Banking
This achievement highlights the company’s dedication to enhancing financial inclusion and mobile payment solutions in Mali, providing a more accessible and convenient platform for users to manage their electronic finances. As Sama Money embarks on this exciting new chapter, it aims to further revolutionize the electronic money landscape in Mali, potentially setting the stage for further fintech innovation in the region.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the con