The verdict in three sentences
An SME squeezed by unpaid B2B invoices can either sell its receivable to a fintech (Julaya advances 80% within 24h for 3 to 5% fees), or discount a BCEAO Treasury Bill at a bank (4.5 to 6% annual, but 5 to 10 days and a 5 million FCFA minimum). The fintech costs more but releases cash in 24h; the Treasury Bill is cheaper but slow and reserved for solid files. The right call depends on your urgency and your debtor's profile.
Fintech vs BCEAO: 2026 comparison
The two logics differ: factoring transfers the collection risk, the BCEAO discount is a credit secured by a security. Here are the key parameters.
| Criterion | Julaya Factoring | Wari Business Credit | BCEAO Treasury Bill |
|---|---|---|---|
| Advance rate | 80% | 70% | Per face value of the security |
| Fee / rate | 3 to 5% | 4 to 6% flat | 4.5 to 6% annual |
| Disbursement delay | 24h | 48h | 5 to 10 days |
| Min invoice / amount | 500,000 FCFA | 500,000 FCFA | 5,000,000 FCFA |
| Who collects | The fintech | The fintech | The issuer (State) |
| Eligibility | Corporate debtor, Wave/bank account | Wari Business account | Held security + bank account |
In 2026 the DER-FONGIP offers a partial subsidy of factoring fees for eligible SMEs, which can bring the fintech's net cost below that of a classic discount.
The real math on a 10 million invoice
Take a 10,000,000 FCFA invoice payable in 60 days. Here is what each option costs to get cash right now.
| Option | Immediate cash | Total cost | Time to obtain |
|---|---|---|---|
| Julaya Factoring (80%, 4%) | 8,000,000 FCFA | 400,000 to 500,000 FCFA | 24h |
| Wari Business Credit (70%, 5%) | 7,000,000 FCFA | 350,000 to 420,000 FCFA | 48h |
| Treasury Bill discount (5%/yr, 60d) | ~9,920,000 FCFA | ~75,000 FCFA | 7 days |
| Wait for maturity | 0 now | 0 (but 60-day wait) | 60 days |
The Treasury Bill is 5 to 6 times cheaper than the fintech on this file, but you must already hold the security, have a solid bank file and accept 7 days. The fintech sells speed and takes over collection.
Mini case study
Aminata runs an IT services company in Dakar. A large corporate client owes her 10,000,000 FCFA in 60 days, but she must pay salaries in 3 days. The Treasury Bill (7 days) arrives too late. She chooses Julaya Factoring: 8,000,000 FCFA released in 24h, 4% fee i.e. 400,000 FCFA. With the DER-FONGIP subsidy covering 40% of fees, her net cost drops to 240,000 FCFA to save her payroll. The cost/urgency ratio is unbeatable at D+1.
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FAQ
What is the difference between factoring and discounting a Treasury Bill?
Factoring sells your client receivable to a fintech that advances funds and handles collection. A Treasury Bill discount is a bank credit secured by a State security you already hold: cheaper but slower and more demanding.
What is the real time to get the funds?
Julaya Factoring releases in 24h, Wari Business Credit in 48h, versus 5 to 10 days to discount a Treasury Bill at a bank. If payroll falls in 3 days, only the fintech answers.
What is the minimum invoice amount for factoring?
500,000 FCFA at Julaya and Wari. The Treasury Bill requires a face value of at least 5,000,000 FCFA, which reserves it for larger files.
Am I eligible if my client is a small business?
Fintechs prefer a solvent corporate debtor, since it is the one that will repay. A receivable on a fragile micro-business will be declined or priced higher. The debtor's quality matters more than yours.
Does DER-FONGIP really help pay for factoring?
Yes, in 2026 the DER-FONGIP subsidises part of the factoring fees for eligible SMEs, which can take a fintech cost from 400,000 to about 240,000 FCFA on a 10 million invoice.
Let's talk about your project. We connect your invoicing to Julaya or Wari to turn your unpaid invoices into cash within 24h. WhatsApp +221 77 596 93 33.
Mohamed Bah
Fondateur, Kolonell
Passionate about digital and entrepreneurship in Africa, Mohamed has been helping Sénégalese businesses with their digital transformation since 2020. Founder of Kolonell, he believes every SME deserves a professional and accessible online présence.
