Wave vs Khazna
short answerBoth are traditional neobanks with similar positioning — the real differences are FX markup, fees, license and geography, compared field by field below.
Wave: Radically cheap mobile money; 10M+ users.
Khazna: Egyptian financial super-app.
Side by side
| Wave | Khazna | |
|---|---|---|
| Category | traditional | traditional |
| Audience | underbanked | underbanked |
| HQ | Dakar, SN | Cairo, EG |
| Founded | 2018 | 2020 |
| Custody | Custodial | Custodial |
| Regulation | E-money institution | License pending (partner model today) |
| License detail | First non-telecom e-money issuer (BCEAO) | Pursuing Central Bank of Egypt digital-bank license (target mid-2026); lends via FRA-regulated entities |
| Card | No card | No card |
| Cashback | — | — |
| Yield | — | — |
| FX markup | — | — |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | Africa | Africa |
| Reported users | — | — |
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.