Wave Mobile Money Secures €117M Debt Financing to Accelerate Expansion in Africa

Wave Mobile Money has raised €117 million ($137 million) in a major debt financing round to expand its mobile-first financial services across Africa. The funding will support the company’s operational scale-up, entry into new markets, and continued drive toward broader financial inclusion.

The round was led by Rand Merchant Bank (RMB) and included participation from key development finance institutions. British International Investment (BII), Norfund, and Finnfund. The capital injection is expected to strengthen Wave’s working capital and infrastructure as it grows its footprint on the continent.

Operating in Burkina Faso, Gambia, Mali, Niger, and now Cameroon, Wave currently serves over 20 million monthly users through a network of more than 150,000 agents. The company’s mobile-first model, offering 1% transfer fees and 24/7 customer support, is designed to reduce the cost and complexity of financial access for underserved populations.

This latest investment marks a major endorsement of Wave’s model and its potential to drive large-scale digital financial inclusion. By expanding affordable access to essential financial services, Wave is playing a pivotal role in connecting millions to the formal economy and accelerating financial empowerment across Africa.

Founded to address the high cost and limited reach of traditional financial services, the fintech has grown rapidly by offering a simplified, low-cost mobile platform tailored to local needs. Its approach has positioned the company as a leader in the effort to bring unbanked and underbanked communities into the financial system.

The financing round is seen as a strong vote of confidence in Wave’s ability to scale responsibly while aligning with the development goals of its funders. As demand for digital financial services continues to rise across Africa, Wave’s expansion is expected to further support economic inclusion and resilience on the continent.