Appointment of Former MTN Executive, Joël Bertrand Ndjodo, as Head of Wave's Cameroon Operations Confirmed
Fintech Unicorn Wave Enters Cameroon's Mobile Money Market
Fintech unicorn Wave has made a strategic move into Central Africa's mobile money sector, expanding its operations to Cameroon. This move marks a significant step in the competitive mobile money market of the region.
Wave has appointed Joël Bertrand Ndjodo, a seasoned mobile money expert with over a decade of experience at MTN Cameroon, as the country manager for its Cameroonian operations. The company will provide a full range of services, including deposits, withdrawals, transfers, and bill payments, under the authorization of Commercial Bank Cameroun (CBC), approved by COBAC in June 2025.
The mobile money sector in Cameroon is highly competitive, with strong incumbents like Orange Money and MTN Mobile Money dominating the market. Cameroon accounts for over 70% of all mobile money activity in the six-nation CEMAC bloc, with transaction values reaching around €37 billion in 2023 and over 24 million active accounts.
Wave's entry into the market is backed by a $136 million debt facility and aims to challenge the established players by adopting a local-first approach and a proven business model. The company plans to leverage local expertise to navigate the complex environment marked by regulatory constraints, a 0.2% transaction tax, tight operator margins, and entrenched brand loyalty supported by extensive agent networks.
Orange Cameroon has already responded to Wave's entry by reducing its withdrawal fees, indicating a potential pricing battle. Wave's strategic expansion is expected to bring competitive pricing to the mobile money sector, intensifying competition and potentially triggering more aggressive pricing and service innovation.
Wave must learn from past failures in the market, such as Société Générale's YUP, which never extended beyond 22,000 active users against Orange's 10 million. The company must navigate the challenges of a market that has seen a growth of 162% in transaction volumes, reaching $43 billion between 2019 and 2023.
In conclusion, Wave's entry into Cameroon's mobile money market signifies a significant move in the competitive sector. The company's fintech expertise and local leadership are poised to intensify competition against well-established players, potentially triggering more aggressive pricing and service innovation.
[1] Mobile Money Cameroon: Market and Competitive Landscape Analysis - ResearchAndMarkets.com [2] Wave enters Cameroon's mobile money market - Fintech Futures [3] Wave's Cameroon expansion backed by $136m debt facility - Global Banking & Finance Review [4] Cameroon's mobile money market: a dynamic but challenging battleground - Disrupt Africa [5] Wave's Cameroon expansion: what you need to know - TechCrunch Africa
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