Wave Mobile Money Becomes the First Fintech Operating in Multiple WAEMU Countries to Get an E-money License
On April 14 2022 Wave Digital Finance, a subsidiary of Wave Mobile Money Group (Wave) became the first non-bank, non-telecom operator that operates in multiple WAEMU markets to be granted an E-money (EME) license by the Central Bank of the (8) West African States—BCEAO. The E-money license by the Central Bank signals a growing recognition of a new age of financial inclusion models led by Fintechs such as Wave.
Wave currently operates its mobile money business through sponsor banks. The new E-money license allows Wave to directly offer its current suite of financial products to customers. Additionally, it will allow Wave to diversify and offer more financial services like merchant payments, savings, credit, and remittances in collaboration with other partners in the WAEMU financial ecosystem.