Fintech unicorn Wave has tapped Joël Bertrand Ndjodo, a former senior MTN mobile money executive, as its Country Manager for Cameroon — setting the stage for a fierce battle in one of Central Africa’s most dynamic mobile money markets.
Driving the news
- Ndjodo spent 11 years leading mobile money operations at MTN Cameroon and brings 20+ years of digital finance experience.
- His appointment comes as Wave finalizes its long-awaited Cameroon launch through a partnership with Commercial Bank Cameroun (CBC).
- CBC secured authorisation from CEMAC’s banking regulator in June 2025 to offer deposits, withdrawals, transfers, and bill payments on Wave’s behalf.
Why it matters
Wave’s trademark 1% transfer fee and free withdrawals have shaken up markets in Senegal and Côte d’Ivoire — forcing rivals to cut fees.
In Cameroon, Orange has already lowered mobile money withdrawal charges to 1% from 1.5% on its Max it app.
Zoom in
- Cameroon accounts for 70% of mobile money transactions in the six-nation CEMAC bloc, handling over €90bn in transactions in 2022.
- From 2019 to 2023, mobile money transaction value in the country surged 162% to €37bn, with active accounts up 144% to 24 million.
Between the lines
- Wave won’t issue e-money directly due to regulatory restrictions — instead operating under CBC’s licence.
- The market is attractive but tough: a 0.2% tax on all mobile money transactions eats into margins, and brand loyalty heavily favors incumbents.
- Société Générale’s YUP service, despite strong backing, shut down in 2022 after failing to gain traction.
Funding boost
Wave recently secured a €117m debt facility led by Rand Merchant Bank, with contributions from Norfund, Finnfund, and British International Investment to expand across its eight African markets.
Source: Tech in Africa
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