IFC, a worldwide organization for development, has announced that it will be investing in Wave Mobile Money Côte d’Ivoire and Wave S.A. Senegal, both of which are mobile money companies that are assisting with reducing prices and expanding services throughout the area. The purpose of this investment is to encourage greater participation in the financial system and to stimulate economic growth in Ivory Coast and Senegal.
Wave will be able to expand its activities significantly in Senegal and Ivory Coast with the help of finance from the International Finance Corporation (IFC) and other lenders, enhance the variety of products it offers as well as the number of customers that take advantage of its superior mobile money accounts and payment services.
IFC set up a financing package worth €90 million.€41 million worth of B Loans from Symbiotics, responsAbility, Lendable and Blue Orchard, a loan of €25 million from IFC’s account, €24 million worth of parallel loans from Norfund and Finnfund and €90 million worth of other loans.
IFC wants everyone to be able to use money, and Wave’s goal is to make Africa the first cashless continent. “Court Sene Wave Mobile Money’s Regional Director for the West African Economic &Monetary Union commented on Wave’s plans to make Africa the first cashless continent by developing user-centred and affordable solutions. IFC’s goal of ensuring everyone has access to financial solutions fits this.
“The support of the International Finance Corporation as well as other lenders did help us provide a variety of financial services, which encourage customers to stay in the formal banking system and makes it easier for people in the area to get and use money.”
IFC’s Regional Director for West and Central Africa, Aliou Maiga, stated that providing low-income and unbanked communities with assistance in acquiring access to financial services was a primary objective for the organization.” Our money invested in Wave will not only help promote inclusive finance but also help digital economy solutions in West Africa move forward in a big way”.
Because of COVID-19 and other issues, IFC’s partnership with Wave will help meet West Africa’s growing demand for digital payments and mobile money.
As of 2020, only 24% of mobile money accounts in the area were active, compared to 34% in East Africa. This means that the region still finds digitized financial services hard to come by.