Wave
Cut Senegal's mobile-money fees by ~70% with a Sendwave spin-out; francophone Africa's first unicorn.
Radically cheap mobile money; 10M+ users.
- Who holds it
- An e-money institution holds your balance in a safeguarding account — First non-telecom e-money issuer (BCEAO).
- The ledger
- The e-money institution’s own ledger.
- If it fails
- Safeguarded funds are returned in administration — ring-fenced, but access can be frozen and slow.
Derived from Wave’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · underbanked |
| HQ | Dakar, SN |
| Founded | 2018 |
| Custody | Custodial |
| Regulation type | E-money institution |
| License detail | First non-telecom e-money issuer (BCEAO) |
| Card | No card |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Africa |
| Countries | Senegal, Côte d'Ivoire, Mali, Burkina Faso, Uganda, Gambia |
| Founders | Drew Durbin, Lincoln Quirk |
| Funding | ~$300M+; unicorn |
Verified links: official site ↗ · privacy ↗ · @wave_senegal ↗
Common questions about Wave
What is Wave?
Wave is a fiat neobank built for underbanked, headquartered in Dakar, SN and founded in 2018. Your money is held custodially, so Wave or its partner bank holds the balance and you hold a claim on it. It is regulated as an e-money institution (First non-telecom e-money issuer (BCEAO)).
Does Wave have a card, and where can you use it?
It issues no card of its own. It is available in 6 countries, across Africa.
Does Wave require KYC?
Yes. Wave requires identity verification (KYC) to open an account, as a e-money institution.
Early investors
Head-to-head
Wave vs Djamo · Wave vs TymeBank · Wave vs OPay · Wave vs PalmPay · Wave vs Khazna
Peers
Wise · TymeBank · OPay · PalmPay · Bank Zero · Discovery Bank
Wave appears in
Neobanks authorised as e-money institutions (48) · Neobanks available in Africa (92) · Neobanks built for the underbanked (23) · Neobanks with no card of their own (67)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.