U.S. fintech startup Wave has officially launched operations in Cameroon, setting its sights on the country’s fast-growing digital payments sector. Effective June 11, 2025, Wave is entering the Central African market not alone, but through a strategic partnership with Commercial Bank Cameroon (CBC), one of the country’s established financial institutions.
The launch was greenlit by the Central African Banking Commission (Cobac), the regulatory body overseeing banking activity in the six-member CEMAC region. Cobac’s approval enables CBC to roll out a new payment service under the Wave brand, developed in collaboration with Wave Transfer SA.
According to the regulatory decision signed by Cobac President Yvon Sana Bangui, the Wave service will allow users to perform a wide range of financial activities. These include cash deposits and withdrawals, peer-to-peer transfers, bill and merchant payments, balance checks, bulk disbursements, international remittances, and bank-to-wallet transfers. However, it is important to note that the service does not include electronic money issuance, meaning it differs from typical mobile money offerings. Most notably, the Wave service will be exclusively available to CBC customers, giving the bank a unique offering in a highly competitive market.
Why Cameroon?
Wave’s decision to enter Cameroon is no coincidence. The country is widely regarded as the mobile money capital of Central Africa, leading the CEMAC sub-region in both transaction volume and value. According to the Bank of Central African States (BEAC), Cameroon accounted for 71% of all mobile money transactions in the region in 2022—an astonishing 1.7 billion transactions. In monetary terms, these amounted to 59,003 billion CFA francs, or roughly 55% of total transaction value across CEMAC.
Mobile money now represents 5–8% of Cameroon’s GDP, illustrating just how central it has become to the country’s economic activity. With over 10 million active accounts, Orange Money dominates the market, holding a 70% share and supported by a vast network of 100,000+ business partners. Close behind, MTN MoMo has posted consistent double-digit annual growth, reporting 14.1% year-on-year expansion in 2024.
Can Wave Disrupt the Status Quo?
In such a saturated and mature ecosystem, Wave’s entry isn’t just market penetration—it’s a bold attempt at market capture. While the company faces steep competition from entrenched players, it brings a distinct value proposition: bank-backed trust, lower fees, a lean user experience, and cross-border transaction potential.
Wave is betting that convenience and affordability can win over users who have long remained loyal to telecom-based mobile money services. Its partnership with CBC is central to this strategy, leveraging the credibility of a licensed bank and sidestepping some of the regulatory hurdles that standalone fintechs often face.
Still, success is far from guaranteed. Cameroonian consumers are deeply embedded in the Orange and MTN ecosystems, and shifting habits in the financial space is notoriously difficult. However, if Wave can demonstrate significant savings and ease of use—especially for international remittances and business payments—it could begin carving out its niche.
At the very least, Wave’s arrival signals one thing clearly: Cameroon’s mobile payments race is far from
