(Agence Ecofin) – In the past offering its financial services via mobile, with the help of banking partners, Wave will address its customers directly, in the same way as its competitors. The fintech hopes to expand to new markets within WAEMU other than Ivory Coast and Senegal.
The fintech Wave Mobile Money announced this Thursday, April 21, the obtaining of an electronic money institution (EME) license from the Central Bank of West African States (BCEAO). The company co-founded by Americans Drew Durbin and Lincoln Quirk will thus be able to offer financial services via mobile within the West African Economic and Monetary Union (UEMOA) without the need for partner banks as in the past.
Wave, which has been present in Senegal since 2018 and since 2021 in Côte d’Ivoire, has also boasted of being “the first non-banking structure, non-telecommunications operator to be granted the license to establish electronic money by the BCEAO”.
Prior to this license, the company carried out its Mobile Money activities in two WAEMU countries (Senegal and Côte d’Ivoire) indirectly, via banks. This new status as an electronic money institution will give it the opportunity to address its customers directly with its financial services, without going through an intermediary. The fintech will also be able to have direct access to the Central Bank in the same way as these competitors.
In four years of activity in Senegal, it claims more than 6 million active users. It hopes to strengthen its offer of financial services in the region by teaming up with other financial partners. The idea is to attract more customers, and generate more revenue for its distribution partners. In the long run, the fintech aims to extend its license to other WAEMU countries other than Senegal and Côte d’Ivoire.
According to data as of November 30, 2021 from the BCEAO, 13 electronic money institutions operate in WAEMU countries, including 7 in Côte d’Ivoire and 2 in Senegal. Wave’s main competitors in these countries of operation are Orange Money, MTN Mobile Financial Services of the telecom operators Orange and MTN and Moov Money Côte d’Ivoire.
Chamberline Moko