Official launch of Wave Digital Finance: Wave Group strengthens its position in financial inclusion

[bitheerani90]

Wave Group has just taken another step into the mobile money sector. The Central Bank of West African States (BCEAO) granted it an electronic money issuing institution license in April 2022.

According to a press release read in Dakaractu, Wave Digital Finance aims to issue electronic money from Senegal and establish strategic partnerships in the WAEMU zone.

As a reminder, Wave Digital Finance is an entity of the iceland mobile database Group whose mission is to contribute to the digital transformation of the economy with radically inclusive and extremely affordable digital financial services. Since launching its activities in Senegal in 2018, the Wave Group has been committed to making financial inclusion a reality for all by integrating it from the outset into its business model.

With a business model that has transformed the mobile money sector, Wave has become a champion of digital finance in Senegal and West Africa – the first unicorn in French-speaking West Africa with a business model that has become a benchmark in the region.

Having come to preside over the official launch ceremony of Wave Digital Finance, the Minister of Communication, Telecommunications and the Digital Economy, after congratulating the successful feat of the Director General of Wave Senegal, Me Moussa Bocar Thiam, announced: "This is a new era that is opening up for the Wave company, which has shown itself to be resilient with the recent Covid-19 pandemic, where it has demonstrated that the offer of financial services via mobile phone is as relevant as merchant payment."

The Minister also praised Wave's success and inclusive economic model. "Wave fits seamlessly into this strategy by helping to bridge the gap in access to finance and reduce poverty, as is the case with their partnership with the DER. Wave is a national startup that boosts the country's economy and has a very significant impact on the digitalization of payments, as the solution also reduces risks while enabling traceability, formalization, and broadening the tax base. This means that Wave's actions are in line with the concerns of the Government of Senegal and the Ministry of Communication, Telecommunications, and the Digital Economy to truly bring Senegal into the digital age," the Minister noted.