Because of things like high fees and a lack of local branches, about half of the adults in Africa still do not have a bank account. Although this is an improvement on past estimates, the continent is still significantly underbanked - which is what Wave helps to combat.
Wave addresses this banking gap with technology, offering a straightforward and cost-effective tool accessible via mobile. The impact has been substantial. A 2021 GSMA report suggested over 500 million mobile money accounts were registered in Africa, facilitating transactions valued at nearly $500 billion.
Wave has already established its presence in Senegal, Côte d'Ivoire, Uganda, Burkina Faso, Gambia and Mali, using steady investment to expand its footprint and reach unicorn status. It also continues to enhance product development and engineering efforts, as well as shore up business operations. Despite challenger companies emerging, Wave has a considerable head start on the competition.
Kirsty
Company Specialist at Welcome to the Jungle