Wave Mobile Money Sénégal S.A and Wave Côte d’Ivoire S.A
Region and country of operations: Africa, Senegal & Cote d’Ivoire
Jurisdiction of registration: Senegal & Cote d’Ivoire
Business sector: Fintech
Date of agreement (month/year): 6/2022
Finnfund’s financing: EUR 12,000,000
Share of Finnfund’s financing: 13.3%
Size of project/financing: EUR 90,000,000
Environmental and social category: C
To spur financial inclusion and support economic growth in Senegal and Côte d’Ivoire, Finnfund has made an investment in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., mobile money firms that are helping lower prices and expand services in the region.
The Project consists of a financing package of EUR 90 million comprised of a EUR 25 million loan from IFC, IFC B Loans of a combined EUR 41 million from Symbiotics, Blue Orchard, responsAbility, and Lendable, as well as parallel loans of EUR 24 million from Finnfund and Norfund. The borrowers will use the proceeds of the financing to fund their working capital needs, including the pre-financing of agents and bill payments.
Main development impact
The project will contribute to a larger financial inclusion in countries that record some of the lowest account penetrations globally, by giving customers access to affordable accounts and payment services and allowing them to transact more often due to a simple fee structure and lower transaction costs. The investment will contribute to promoting systemic changes in the mobile money markets in Sub-Saharan Africa by allowing Wave Mobile Money group to continue rapidly scaling up its services, which, in turn, will demonstrate to incumbents the viability of a transparent and cheaper pricing structure, pushing them to lower transaction costs and simplify their fee structure.