The digital finance start-up, Wave, has just obtained its electronic money institution license from the Central Bank of West African States. It is the first structure of its kind to obtain this license.
Wave has grown dizzily since its creation in Senegal in 2018. In four years this company of the fintech has become the biggest service of mobile money in Senegal. The company claims over six million monthly active users. Last year, it raised $200 million in investment funds.
New heading
Of mobile money in online banking, Wave has just reached a new milestone. With this license, the now famous blue sign with the penguin becomes a full-fledged electronic bank, with direct access to the WAEMU Central Bank. Until now Wave had to deal with partner establishments in order to operate. Today, this license will make it possible to offer more financial services, ensures Wave: such as merchant payments, credit and international money transfers.
” strong signal »
Wave is the first structure that is not a bank or a telecommunications operator to be granted this electronic money establishment license by the BCEAO. ” This is a strong signal of the growing recognition for new models of financial inclusion “, indicates the company in a press release.
This start-up established itself in the market mobile money in Senegal and Ivory Coast. It stood out from its competitors such as Orange Money or Moov Money by its withdrawals and deposits of money free of charge and by its fixed rate of 1% on national transfers. Its ease of use is also highlighted.
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