Wave arrives in Cameroon: mobile money enters a new era

The mobile payment market in Cameroon has reached a turning point: finech Wave, already well established in West Africa, is officially entering the country thanks to a partnership with Commercial Bank Cameroun (CBC), authorized by the sub-regional regulator, Cobac.

Wave stands out for ultra-competitive rates: free deposits and withdrawals, transfers at 1%. This model has attracted several million users in Senegal, Ivory Coast and Mali. In Cameroon, it is up against two well-established giants: MTN Mobile Money and Orange Money, which have a total of 12 million active wallets, but charge higher rates.

CBC and Wave are targeting a central issue: financial inclusion, particularly in rural areas. By 2022, almost 43% of adults were already using mobile money, according to the INS. And in the CEMAC zone, Cameroon accounts for 71% of mobile transactions.

But the structure imposed by the regulator complicates matters: Wave has no direct license, operations are centralized by the CBC, and the fintech cannot issue electronic money on its own. To succeed, it will have to create a vast network of agents, earn the trust of users and integrate with the GIMAC system to guarantee interoperability.

source: EcoMatin