CinetPay faces accusations of facilitating scams and unlicensed gambling
CinetPay’s growth ambitions across Africa hinge on clearing its name of these allegations, as a guilty verdict could have adverse implications on its business operations.
Senegal.- Ivorian fintech company CinetPay has been accused of fraud, money laundering and ties to illegal betting by Senegal’s Special Cybersecurity Division. The allegations came to light after the police department began investigating complaints of harassment by fake loan companies linked to the company’s Dakar operations.
The probe began with reports from victims who received calls and messages from entities posing as lenders, such as “Prontopaiement” and “Leviet Bank”, demanding repayment for nonexistent loans of about 10,000 CFA francs (€15). Scammers used personal details and contacted family members to pressure victims into paying. Following the money trail, investigators traced funds through CinetPay’s platform to Nectar Microcrédit Technologie, a company based in Ivory Coast.
According to the Cybersecurity Division, CinetPay allegedly launders money through its platform for scams involving fake loan companies. The company also faces accusations of processing payments for a Ponzi-like scheme run by Sunutech Ltd Sarl that defrauded victims of more than 10 billion CFA francs (€15.2m) and acting as a payment gateway for unlicensed gambling sites like 1Win, Betwinner and Melbet, in violation of Senegal’s betting regulations.
A police raid on CinetPay’s Dakar office revealed documents tying the company to Sunutech Ltd Sarl. While the Chinese operators behind the scheme reportedly fled to the Ivory Coast, records show CinetPay processed payments for the operation into 2024, even as authorities worked to dismantle it.
It was also discovered that Senegal’s national lottery agency, Lonase, has issued a warning to CinetPay, accusing the company of routing funds to unlicensed offshore gambling sites, including sites that operate outside Senegal’s legal framework.
However, CinetPay’s leadership has strongly denied the allegations. In a statement released on September 15, the company insisted an outside business partner misused its platform, but it remained compliant.
The company revealed that as soon as it discovered the facts, it swiftly terminated its contract with the merchant in question. It also provided the authorities with all necessary information and filed a complaint with the Public Prosecutor against the merchant.
Founded in 2016 by Idriss Marcial Monthe and Daniel Dindji, CinetPay enables people to send money and pay bills across West Africa. Backed by Nigeria’s Flutterwave, the venture rose quickly by connecting fragmented mobile money systems in French-speaking countries.
Now, CinetPay’s growth ambitions across Africa hinge on clearing its name of these allegations, as a guilty verdict could have adverse implications on its business operations, given the highly regulated nature of the fintech industry.
