Fintech unicorn Wave has officially launched operations in Cameroon and appointed Joël Bertrand Ndjodo as its country manager, signaling a strategic and well-funded entry into one of Central Africa’s most competitive mobile money markets. Ndjodo, who spent over a decade at MTN Cameroon as a senior mobile money manager, brings deep market expertise and operational insight. His appointment aligns with Wave’s broader goal to disrupt traditional financial systems across Africa using its low-cost, user-friendly model.
A Launch with Local and Regulatory Backing
Wave’s expansion into Cameroon is being carried out in partnership with Commercial Bank Cameroun (CBC), which holds the required e-money licence. Rather than issue e-money directly—a tightly regulated activity in the CEMAC region—Wave will operate under CBC’s licence, authorised by the regional banking commission COBAC in June 2025. This allows Wave to provide a full suite of services, including deposits, withdrawals, peer-to-peer transfers, and bill payments.
Challenging the Status Quo with Price and Access
Wave’s entry immediately intensifies competition with incumbents MTN and Orange, the two dominant mobile money players in the country. Known for its 1% flat transfer fee and free cash withdrawals, Wave's pricing model has already forced operators in other markets like Senegal and Côte d’Ivoire to lower fees. Orange Cameroon has preemptively responded, slashing its withdrawal fees from 1.5% to 1% via its Max it app, suggesting early signs of a pricing battle.
A Market Ripe for Disruption but Not Without Risks
Cameroon’s mobile money sector is booming. Between 2019 and 2023, transaction volumes surged by 162% to reach $43 billion, with active accounts growing by 144% to over 24 million. The country now represents more than 70% of all mobile money activity in the six-nation CEMAC bloc. Yet, the market also presents challenges—most notably, a 0.2% tax on mobile money transactions and a deeply entrenched user base loyal to incumbents with vast agent networks.
A Strategic Bet Backed by Serious Capital
Wave’s expansion in Cameroon is part of a broader growth strategy across eight African markets. It is underpinned by a recently secured $136 million debt facility led by Rand Merchant Bank, with participation from Norfund, Finnfund, and British International Investment. This funding provides the firepower needed to scale quickly and absorb early competitive pressure as Wave gains traction in new regions.
Learning from Past Failures While Charting New Paths
Despite Cameroon’s growth potential, success is not guaranteed. Société Générale’s YUP, a well-backed mobile money venture, shut down in 2022 after failing to compete with dominant players—highlighting the difficulty of gaining user trust and building scale. Wave’s local-first approach, beginning with the appointment of an experienced insider like Ndjodo, could be the differentiator it needs to avoid a similar fate.
Wave’s entry into Cameroon sets the stage for a fierce battle in a rapidly growing but highly regulated market. With a proven model, substantial capital, and now a seasoned local leader in Joël Bertrand Ndjodo, Wave is positioning itself to challenge the status quo. Whether it can translate its West African success into Central Africa remains to be seen, but one thing is clear: the fintech disruption in Cameroon has officially begun.