Wave Mobile Money has secured €117 million in debt financing to scale its affordable mobile-first financial services across Africa.
The round was led by Rand Merchant Bank (RMB) with participation from development finance institutions including British International Investment (BII), Norfund, and Finnfund.
Why it matters
Wave is one of Africa’s fastest-growing mobile money platforms and a key player in advancing financial inclusion for underserved populations.
Since its 2018 launch, Wave has grown to 20 million monthly active users, 150,000 agents, and over 3,000 employees, primarily in West Africa.
Zoom in:
- The new funding will boost Wave’s working capital and support expansion in current and new markets, including Burkina Faso, Gambia, Mali, and Niger.
- The platform has become a vital entry point to formal finance for low-income users, especially women, who benefit from increased financial independence.
- Wave’s model—low fees, 24/7 customer support, and intuitive design—has helped eliminate payment friction for merchants and reduce peer-to-peer transfer costs.
What they’re saying:
- “This financing is a major milestone for Wave and mobile money in Africa.” — Coura Sene, Regional Director, Wave.
- “We can help even more people by delivering the best product at the lowest price.” — Drew Durbin, CEO, Wave
- “We are proud to lead this landmark financing. Wave is redefining financial inclusion across Africa.” — Sibusiso Tashe, RMB
- “Wave’s impact has been profound, with 80% of users reporting improved quality of life.” — Tuomas Vaulanen, Finnfund
Between the lines
The financing signals growing investor confidence in Wave’s inclusive fintech model and long-term vision. Development institutions see Wave as a scalable solution to unlock economic growth and productivity among small businesses and individuals.
Source: Ecofin Agency
