Finnfund invests in Wave, a mobile money provider bringing affordable services to Sub-Saharan Africa

Finnfund’s investment is a part of a financing package arranged by IFC. Other investors are Symbiotics, Blue Orchard, responsAbility, Lendable and Norfund.

Mobile money service increases financial inclusion. The LDC countries where Wave operates record some of the lowest account penetrations globally and Wave’s service gives the customers access to affordable accounts and payment services – deposits and withdrawals are free. This allows the customers to transact more often. Especially women benefit from mobile money solutions through increased financial participation and entrepreneurship, which is why the investment supports Finnfund’s commitment to invest in businesses that advance gender equality. Wave is also committed to gender focus through increasing the share of women among the workforce and shows example of hiring women in senior management positions.

“Digital solutions are becoming crucial in filling the gaps in financial inclusion by providing access where it is most needed”, says Finnfund’s Investment Manager Kuutti Kilpeläinen. “We are impressed by the strong growth track record of the company and their plans for the future and look forward to supporting their vision of building life-changing financial infrastructure.”

More information:
Kuutti Kilpeläinen, Investment Manager, kuutti.kilpelainen@finnfund.fi, tel. +358 44 013 1291

Media enquiries:
Valpuri Mäkinen, Communications and Marketing Manager, valpuri.makinen@finnfund.fi, tel. +358503842105

Read also
Digital banking transformation is no longer an attractive option for banks but crucial for survival