CinetPay, an Ivorian fintech which claims to have over 25,000 companies utilizing its on-line fee assortment product, owes its prospects over $1.2 million since September 2025. Its CEO, Daniel Dindji, signed a number of paperwork, seen by TechCabal, that blame the cyberattack for this drawback.
How did the cyberattack occur? In September 2025, CinetPay was attacked concurrently in Côte d’Ivoire, Togo, and Burkina Faso. Inside minutes, fraudsters started withdrawing funds and transferring them to cell cash accounts in these nations, based on Dindji’s letter, which cites police experiences. CinetPay solely detected the breach after giant sums throughout 4 nations had vanished.
Why does this matter? CinetPay acquired a licence from the Central Financial institution of West African States (BCEAO), the identical month it reported the cyberattack. The extremely coveted licence was granted to solely 30 fintechs and permits holders to course of funds throughout member nations, together with Senegal, Côte d’Ivoire, Benin, and Togo.
The licence additionally requires a minimal capital of 100 million CFA ($180,720), sturdy governance, robust anti-fraud and AML controls, and resilient technical infrastructure—all requirements designed to stop operational and safety lapses. Given the recency of CinetPay’s licence, the cyberattack examined how successfully these requirements had been applied in observe.
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