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IFC has announced a USD 91.6 Mn investment agreement in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., to strengthen financial inclusion and support economic growth in Senegal and Côte d’Ivoire.
IFC negotiated finance of USD 91.85 Mn, comprising a USD 25.51 Mn loan from IFC for its own account, USD 41.84 Mn loan from Symbiotics, Blue Orchard, responsAbility, and Lendable, and USD 24.49 Mn parallel loans from Finnfund and Norfund.
Wave is building a financial infrastructure that has no fees and is available on tap and everywhere. Its mobile money service dovetails with an agent network with cashback to service Wave’s user needs. Users can make deposits or withdrawals for free and pay only 1% for money transfers. The funding will allow Wave to expand its operations in Côte d’Ivoire and Senegal, and its product offering and customer base. It will also help in lowering the prices of these services in West Africa.