MSTRPay AB has received a formal Letter of Intent (LOI) from Togo-based Société Générale de Micro & Méso Finance (SOGEMEF SA), marking a potential step forward in the company’s strategy to expand regulated digital finance infrastructure across West Africa. The LOI signals institutional interest in exploring a structured partnership focused on financial modernisation, SME financing and digital ecosystem development.
Institutional interest in digital finance infrastructure
SOGEMEF is a licensed mésofinance institution operating within the regulatory framework of the West African Economic and Monetary Union (UEMOA) and under the supervision of the regional central bank BCEAO. Established in 2017, the institution operates as a Société Anonyme and is a member of APSFD Togo, the national association for decentralised financial systems.
The institution currently runs seven branches across major cities in Togo, positioning itself between traditional microfinance providers and commercial banks. This “mésofinance” segment plays an important role in financing small and medium-sized enterprises, entrepreneurs and emerging local businesses.
For MSTRPay, such institutions represent potential strategic partners in its model of building regulated digital financial ecosystems rather than operating as a standalone challenger bank. The company’s approach centres on partnering with licensed institutions to expand digital capabilities, strengthen capital frameworks and improve access to financial services.
Evaluation phase begins under compliance framework
The Letter of Intent initiates a structured evaluation phase between the two organisations. According to the company, the process will follow a compliance-first partnership framework designed to ensure full regulatory alignment and institutional transparency.
The review process will include the execution of mutual non-disclosure agreements, financial and prudential due diligence, verification of governance structures and assessment of capital adequacy. Regulatory alignment within the UEMOA financial system will also be evaluated.
Another key element under consideration is the potential creation of a ring-fenced digital joint venture designed to support the development of digital banking infrastructure and SME credit distribution systems.
Executive perspective on the partnership
Peter Rinaldo, Head of Business Relations for Emerging Markets at MSTRPay AB, described the LOI as an encouraging development in the company’s West African strategy.
According to Rinaldo, the company is prioritising disciplined expansion built on regulatory compliance and institutional partnerships rather than rapid market entry. The evaluation phase will therefore focus on ensuring that governance standards, financial strength and regulatory requirements are fully satisfied before any formal agreement is established.
Togo as a strategic gateway market
Togo has increasingly drawn attention as a regional gateway within the UEMOA monetary union. The country has a regulated microfinance ecosystem, rising demand for SME credit and strong potential for expansion into neighbouring Francophone markets.
For digital financial platforms such as MSTRPay, the country provides access to a broader regional financial system covering eight West African economies that share the CFA franc and a common regulatory environment.
MSTRPay’s technology platform integrates digital wallet infrastructure, merchant tools and credit distribution capabilities. Its ecosystem approach — including services such as MSTRCash — is designed to support licensed financial institutions by expanding their digital reach and operational efficiency.
Next steps in the process
Over the coming weeks, both parties are expected to focus on regulatory assessment, technical feasibility analysis and financial due diligence. Discussions will also explore whether a joint venture structure could provide a scalable platform for digital financial services in Togo and potentially across the wider UEMOA region.
At this stage, the company emphasises that no capital commitments or binding agreements have been made.
Further updates are expected as the evaluation process progresses.
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