Wave (https://wave.com) is a mobile money platform focused on providing affordable and accessible financial infrastructure across Africa. Headquartered in Dakar, Senegal, Wave builds technology to make sending, receiving, and storing money simple and cost-effective for underserved populations, with a mission to drive financial inclusion on the continent.
Wave's mobile app allows users to deposit and withdraw cash, transfer money, pay bills, and purchase mobile airtime, all with minimal fees. By leveraging a network of local agents and robust mobile technology, Wave enables users—many of whom are unbanked—to access essential financial services without the need for traditional bank accounts.
What technology enables Wave's platform?
Wave utilizes mobile application technology that works on both smartphones and basic feature phones, relying on QR codes and agent-assisted transactions to reach users without internet access. Their infrastructure is designed for affordability and reliability in regions where mobile penetration is high but banking infrastructure is limited. This approach allows Wave to reduce transaction costs and pass savings on to customers.
Who uses Wave?
Wave primarily serves individuals and small businesses in West Africa, with a strong presence in Senegal and growing operations across other African markets. Their users include:
- Individuals seeking affordable alternatives to cash for personal transactions and bill payments
- Small merchants and vendors who need accessible financial tools
- Unbanked and underbanked populations who lack access to traditional banks
Who are Wave's competitors?
Wave operates in the competitive African fintech and mobile payments space. Key competitors include:
- M-Pesa – A pioneering mobile money service in East Africa, widely used in Kenya and Tanzania
- Orange Money – Operates in multiple African markets, offering similar mobile wallet and agent network services
- Airtel Money – Provides mobile financial services across several countries in Africa
- MTN Mobile Money – Another major provider with significant market share in West and Central Africa
While incumbents like M-Pesa and Orange Money have broad networks, Wave differentiates itself by focusing on extremely low fees and a seamless user experience tailored to local needs.
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