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Payment processor’s liquidity crisis leaves merchants waiting months for settlements

Dakar, Senegal – January 20, 2026 – D-Pay, a merchant aggregator operating in francophone West Africa, today disclosed that CinetPay, a BCEAO-licensed payment service provider, owes the company over 655 million XOF ($1.1 million USD) following a cyberattack that occurred in September 2025.

According to documents signed by CinetPay CEO Daniel Dindji on September 30, 2025, the Ivorian fintech suffered « significant cyber fraud incidents » in Côte d’Ivoire, Togo, and Burkina Faso that have triggered a liquidity crisis affecting multiple merchant partners across the region.

« CinetPay has recently been the victim of significant cyber fraud incidents, notably in Côte d’Ivoire, Togo, and Burkina Faso, » stated a letter signed by Dindji. « These events, which had a direct and substantial impact on our cash flow, explain the delays observed in the execution of our commitments. »

Four months after the cyberattack, D-Pay and other affected partners are still waiting for their funds, with no published repayment plan from CinetPay.

Impact on Merchants

D-Pay, which relies on CinetPay to process payments for its merchant clients, has been forced to use its own working capital to settle customers and avoid operational collapse. The company is among several partners affected by CinetPay’s inability to fulfill settlement obligations.

« Merchants depend on the timely settlement of funds to run their operations, » said John Schubbe, an operations manager at DPay, speaking on behalf of the company. « By withholding customer funds for months, this situation has restricted our access to working capital and affected our ability to serve our clients. »

About the Cyberattack

CinetPay suffered multiple cyber fraud incidents simultaneously across three countries in September 2025. According to the CEO’s acknowledgment letter, which references police reports filed in each affected country, fraudsters exploited the company’s treasury system to withdraw funds to mobile money accounts.

The company successfully blocked a portion of fraudulent flows on Orange Money, but the recovery represents only a fraction of the total loss.

Regulatory Context

CinetPay holds a payment service provider license from the Central Bank of West African States (BCEAO) and gained regulatory approval in 2025 to join the region’s formal cross-border payment system. The company raised $2.4 million in 2021 from Flutterwave and 4DX Ventures and claims over 25,000 merchants use its platform across francophone Africa.

The liquidity crisis raises questions about treasury segregation, real-time monitoring, and safeguards required of BCEAO-regulated payment institutions.

Timeline

● August 2025: CinetPay begins delaying settlements

● September 2025: Cyberattack occurs across Côte d’Ivoire, Togo, and Burkina Faso

● September 18, 2025: Emergency meeting held with CinetPay executives

● September 30, 2025: CEO Daniel Dindji signs formal acknowledgment of 655M XOF debt to D-Pay

● October 2025: CinetPay proposes deferred payment plan with no viable solution

● November 2025: Affected partners issue formal legal notices

● January 2026: Funds remain outstanding

Call for Transparency

D-Pay is speaking publicly about this situation to raise awareness among other CinetPay clients who may be unaware of the payment processor’s liquidity challenges and to advocate for greater accountability in the digital payments sector.