CinetPay, the Ivorian fintech backed by Nigerian giant Flutterwave, is facing intensifying scrutiny as a new million-dollar dispute with a business partner emerges, compounding existing investigations into the company for alleged money laundering and fraud troubles in Senegal.
The fresh allegations reveal a severe liquidity crisis at the company, contradicting its public assurances of stability and raising urgent questions about regulatory oversight in one of Africa's fastest-growing digital payment markets.
According to documents reviewed by WT, CinetPay's CEO, Daniel Dindji, formally acknowledged in September 2025 that the company owed merchant aggregator D-Pay CFA francs 655 M approximately USD 1.1 M. The debt stemmed from a 'significant cyber fraud incident" that same month, which Dindji stated had a "direct and substantial impact on our cash flow."
