Fintech unicorn Wave has officially entered the Cameroonian market, marking a significant strategic expansion into Central Africas competitive mobile money sector. The company has appointed Joel Bertrand Ndjodo, a seasoned mobile money expert with over a decade of experience at MTN Cameroon, as its new country manager. This move signals Waves intention to leverage local expertise to challenge established players like MTN and Orange.
Strategic Partnerships and Competitive PricingWave's entry is made possible through a partnership with Commercial Bank Cameroun CBC, which holds the necessary e-money license. This collaboration allows Wave to operate under the banks authorization, approved by the regional banking commission COBAC in June 2025, and offer a full range of services including deposits, withdrawals, transfers, and bill payments.
The company is renowned for its disruptive pricing model, which features a flat 1 transfer fee and free cash withdrawals. This strategy has proven successful in other markets like Senegal and Cote d'Ivoire, where it has prompted competitors to lower their fees. In a preemptive move, Orange Cameroon has already responded by reducing its withdrawal fees, indicating that a pricing battle is imminent.
A High-Growth Market with Unique ChallengesCameroons mobile money sector is experiencing explosive growth, with transaction volumes surging by 162 to reach 43 billion between 2019 and 2023. The country accounts for over 70 of all mobile money activity in the six-nation CEMAC bloc. However, Waves entry is not without its risks, as it must contend with a 0.2 tax on mobile money transactions and a deeply loyal user base of its competitors.
