Mobile money and fintech Unicorn Wave gets an e-money license to operate in Senegal.
This license allows Wave to offer financial products to consumers freely and directly without the aid of third-party banks.
The Central Bank of West African States (BCEAO), which serves the eight francophone West African countries that comprise the West African Economic and Monetary Union (WAEMU), issued the permit.
What Wave Does
As a result of Wave’s unique pricing model, the company’s customers save up to 70% on transfer fees. Therefore serves as a great application for many to use.
What the License Will Achieve
In 2021, the startup became the first Francophone Africa Unicorn after raising a $200 million Series A round at a $1.7 billion valuation.
The license Wave received from WAEMU allows the company to offer a broader range of financial services across the region.
However, for now, the license only applies to Wave’s operations in Senegal.
The plan of the company is to extend this license to other countries around WAEMU countries so as to expand the customer base and to enable equal benefits opportunities.
In addition, Wave Mobile continues to push fervently to bridge the gap of financial difficulties for customers across West Africa.