U.S. fintech Wave enters Cameroon’s mobile money market
U.S.-based fintech company Wave has officially introduced its mobile payment services in Cameroon as of June 11, 2025, marking its entry into one of the most vibrant mobile money markets in Central Africa.
This launch is in collaboration with Commercial Bank Cameroon, allowing CBC customers to utilize Wave’s complete range of offerings. These services encompass cash deposits and withdrawals, bill payments, international money transfers, and smooth transactions between bank accounts and mobile wallets.
Cameroon, known as the economic hub of the Central African Economic and Monetary Community, serves as a strategic location for Wave’s growth. The Bank of Central African States reports that the country handled 1.7 billion mobile money transactions in 2022, constituting 71% of the region’s overall total. The mobile money sector is a significant contributor to Cameroon’s GDP, ranging from 5% to 8%, making it a profitable and highly active market.
Nonetheless, Wave’s launch has a limitation: its services will currently only be available to CBC customers.
The startup is entering a market that is largely controlled by established competitors. Orange Money holds a dominant 70% market share, boasts 10 million active accounts, and collaborates with over 100,000 merchant partners. Simultaneously, MTN’s MoMo service achieved a growth rate of 14.1% in Cameroon during 2024, its strongest performance across all regions.
Wave is relying on its reputation for user-friendly offerings and low transaction costs, paired with the trust and broad reach of CBC, to help it make headway in this highly competitive environment.
As the competition in the payments sector heats up, many are now observing how this newcomer will perform. For the time being, Wave’s journey in Cameroon is just beginning.
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