[New post] Sequoia-backed wave takes on Telcos in Africa mobile-money war

FurtherAfrica posted: " Wave, funded by IFC and Sequoia, is valued at $1.7 billion Africa mobile money transacted in 2021 at $697.7 billion Mobile money agents in Ivory Coast halted service for Wave Mobile Money Inc. few weeks ago, in an attempt to stymie the growth o" FurtherAfrica Sequoia-backed wave takes on Telcos in Africa mobile-money war FurtherAfrica Dec 29 Wave, funded by IFC and Sequoia, is valued at $1.7 billion Africa mobile money transacted in 2021 at $697.7 billion Mobile money agents in Ivory Coast halted service for Wave Mobile Money Inc. few weeks ago, in an attempt to stymie the growth of the young fintech gobbling up market share across West Africa. Also read: Export Marketing Plan training boosts African tech entrepreneurs' place in global marketplace The agents –- brokers who enable unbanked people to store and send money through cellphones –- were unhappy with their commissions and expected the suspension to severely cripple the company's business. Instead, Wave had one of its best weeks since launching three years ago in West Africa's third-biggest economy. "Transactions spiked for a couple of hours," said Katier Bamba, the company's general manager for Ivory Coast. Comment Unsubscribe to no longer receive posts from FurtherAfrica. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://furtherafrica.com/2022/12/29/sequoia-backed-wave-takes-on-telcos-in-africa-mobile-money-war/ Powered by WordPress.com