“Wave will have succeeded if Cameroonians use their money with simplicity, transparency on costs, and reliability”
One year after its launch in Cameroon, in partnership with Commercial Bank Cameroon (CBC), Wave claims a clear ambition: not just to open accounts, but to fundamentally change how Cameroonians use their money. In a market that already accounts for 65.1% of the volume and nearly 57% of the value of payment transactions in the Central African Economic and Monetary Community (CEMAC), the Senegalese operator, with 150,000 active agents and 25 million monthly users in 11 African countries, relies on simplicity, cost transparency, and reliability to make its mark against established players.
In this interview with Financial Afrik, Joël Ndjodo, Country Manager of Wave Cameroon, reflects on the lessons learned from the first year of operation, the still unmet needs of a mature but demanding market, as well as the company’s roadmap in dealing with regulators, small traders, and the informal economy.
Interview conducted by Bernard Bangda
After more than a year of activity in Cameroon, what lessons have you learned from the deployment of Wave and what has struck you the most in the expectations of Cameroonian users?
The first lesson is that Wave is not here to teach mobile money to Cameroonians. We are facing experienced users who know the different offers, compare costs, and quickly recognize the quality and added value of a service.
What struck me the most is the level of demand from users. They are not just looking for a new application. They are looking for a reliable service that truly simplifies their lives, works perfectly, meets their daily needs, is easy to use, has affordable pricing, with service points accessible to everyone at all times, and effective management of any complaints.
We also confirmed that Cameroon is a very diverse market. The expectations of a trader in Douala, a young entrepreneur in Yaoundé, or a family living outside major urban centers are not always the same. It is therefore necessary to listen, learn, and methodically build a value proposition adapted to this Cameroonian environment.
Our ambition is not for the Wave service to simply be available in Cameroon. Our ambition is to establish Wave in the long term, in the daily lives of Cameroonians, by providing them with a sustainable and useful solution to concretely meet their daily needs. And in this market, usefulness is demonstrated daily, not proclaimed.
Cameroon accounts for 65.1% of the volume and nearly 57% of the value of payment transactions recorded in the CEMAC. In this dynamic, mature, and competitive market, what particular value does Wave intend to bring to Cameroonian users?
These figures show that Cameroon is not just a large market. It is the real driving force behind digital payments in the CEMAC. But a dynamic market does not necessarily mean that all needs are already satisfied.
Our belief is that the next phase of development will no longer rely solely on opening new accounts. It will be based on the quality of the customer experience, cost transparency, service reliability, and the ability to meet increasingly diverse needs.
Wave aims to provide a simple, accessible, and understandable experience. Our service is open to any holder of a SIM card from a local mobile operator. The user can then download the Wave application and register following clear and precise instructions. This is called self-enrollment.
We offer free cash deposits into the newly created Wave account (cash in) with an authorized Wave agent, as well as transfers to other Wave users (P2P) at 1% of the transferred amount, in addition to free withdrawals, without any fees. With Wave, users can also pay their prepaid and postpaid electricity bills, water bills, or cable bills without any fees.
Wave ensures to offer extremely affordable fees to users to actively contribute to the fight against the high cost of living and to build a trusting relationship with them in Cameroon.
But our value is not only about pricing. It is based on a comprehensive approach: simplifying the customer journey, reducing frictions and barriers to service adoption, and allowing users to have more control over their money.
In a mature market, the difference is not only in what is offered but also in how the user experiences the service.
Some may consider that the Cameroonian mobile money market is already well covered. In your opinion, what needs remain insufficiently met?
Having multiple services available does not mean that all needs are met. One can have multiple accounts and still encounter the same difficulties: costs that are hard to anticipate, a complex user experience, irregular service availability, numerous stockouts at service points, or insufficient support in case of customer complaints.
The real challenge now is about usage. Is the service simple, reliable, and affordable enough to be used regularly? Does it only address a specific need for transfers or payments, or can it become a true everyday tool?
There is also much to be done for small traders, entrepreneurs, women engaged in informal activities, and populations still far from traditional financial services. These actors do not necessarily seek sophisticated solutions. They first need services that work, whose costs they understand, and that correspond to their economic realities.
The Cameroonian market is not saturated; it is demanding. And this demand is positive because it pushes all actors to reinvent themselves to better serve users. The mere announcement of Wave’s arrival in Cameroon has already forced the market to adjust.
Wave has expanded into several African markets around a promise of simplicity, accessibility, and affordable costs. How do you adapt this model to the specific realities of Cameroon?
Currently, Wave operates in 11 countries, with 150,000 active agents, and serves over 25 million active users each month. This experience gives us a deep understanding of digital financial services in Africa, but it mainly teaches us that there is no one-size-fits-all model.
Our mission remains the same: to make financial services radically simpler and more accessible. But the way we deliver on this promise must be deeply local.
Cameroon has its own regulatory environment, banking ecosystem, payment habits, and a highly advanced mobile money market. Therefore, we must adapt our approach, pace, and priorities.
This is also the purpose of our partnership with Commercial Bank Cameroon. It allows us to combine Wave’s technological expertise and user experience with CBC’s market knowledge, local presence, and banking expertise.
We are not here to replicate a formula. We are here to leverage our experience to serve a Cameroonian response. Our mission is pan-African, but our execution must always be local.
Despite the growth of mobile money, access to an account does not always translate into regular and truly useful use. How does Wave aim to promote concrete daily uses?
Opening a mobile money account is a first step. True financial inclusion begins when the user can use this account regularly, independently, to meet a concrete need.
In the CEMAC, the number of electronic money accounts has significantly increased, but only just over a third are considered active over a thirty-day period. This shows that the sector must now move beyond the logic of open accounts to focus more on real utility.
A financial service becomes useful when, without hindrance or barrier, a trader can receive a payment simply, when a young entrepreneur can pay a supplier from his phone, or when a family can quickly send money in case of emergency.
To promote these uses, we must work on simplicity, cost, service availability, and support. We must also build solutions that match the economic realities of populations, especially women, youth, and small businesses.
Financial inclusion is not just about connecting a person to an account. It is about giving them more freedom in how they use and manage their money.
Trust is crucial in the adoption of digital financial services. How does Wave reconcile simplicity, security, data protection, and fraud prevention?
Trust is not built solely with security systems. It is built through the entire user experience.
It starts with transparency. A client should understand the service conditions, know what a transaction will cost them, and easily identify the official channels they can turn to.
It then relies on rigorous mechanisms to protect mobile money accounts, monitor transactions, protect data, and prevent fraud. Our responsibility is to make these mechanisms effective without turning each operation into a complicated process.
But technology cannot solve everything. Fraudsters often exploit urgency, trust, or lack of information. User awareness is therefore essential. It is necessary to remind users of good practices, such as protecting confidential codes and being vigilant against unusual solicitations.
Finally, trust is also measured in difficult moments. A user should know that they can find attentive listening and a quick and effective response when they encounter a problem.
Simplicity attracts users. Trust makes them stay.
How does Wave plan to expand its distribution network, strengthen its Cameroonian partnerships, and create lasting value for the local economy?
A digital financial service never works solely thanks to an application. Behind the screen, there is a whole ecosystem of agents, partners, companies, suppliers, and collaborators.
Agents play a crucial role. They ensure the availability of the service, support users, and often represent the closest face of the brand in communities. The quality of the network is therefore as important as its size.
Our approach is to gradually build a strong network, select and support our partners, and ensure that the development of Wave also creates economic opportunities around us.
Creating value locally also means recruiting and nurturing Cameroonian talents, developing skills, and working with partners who know and understand the country’s realities.
We want to build Wave with the Cameroonian ecosystem, not alongside it. Our success will not only be measured by the number of transactions made but also by the quality and sustainability of the value created around our activity.
In Cameroon, small and medium-sized enterprises as well as traders largely depend on cash. What needs to change for digital payments to become a true growth tool for them?
First, we must avoid considering the attachment to cash as a simple resistance to change. For a small trader, every decision is economic. They must be able to access their money immediately, protect their margin, avoid costs that would weaken an already vulnerable activity.
Therefore, digital payment must bring obvious value. It must save time, reduce risks associated with transporting or storing cash, facilitate payments with customers and suppliers, secure revenue, and better track certain transactions.
The solution must also be simple. A trader who has to interrupt their activity to understand a complex tool will naturally return to cash.
The transition cannot solely rely on the trader. It must involve the entire value chain: customers, suppliers, businesses, and gradually, administrations.
Digital payment becomes a growth tool when it does not create a new constraint but removes an existing one.
In the coming years, how does Wave plan to support the digitalization of payments for individuals, businesses, and administrations?
Peer-to-peer money transfers will remain an essential use, but the potential is much broader.
Everyday payments, commerce, business relationships, service settlements, and certain interactions with institutions represent significant opportunities. However, our approach is not to add features just to announce that we are doing more things.
Each new service must address a real problem. It must be easy to understand, reliable, secure, and developed in compliance with applicable regulatory frameworks.
Cameroon has an extremely diverse economic fabric, with large companies, SMEs, traders, freelancers, and a very active informal economy. Therefore, digitalization cannot rely on a one-size-fits-all solution.
We will progress gradually, working with stakeholders and ensuring that each evolution brings clear value to users.
Our job is not to add buttons or keys in an application. It is to remove obstacles that still complicate the quick circulation of money.
How does Wave engage in dialogue with BEAC, COBAC, Cameroonian authorities, and other stakeholders?
In financial services, regulation is not a step to be addressed at the end of the process. It must be integrated from the service’s design, which is the case.
Our dialogue with monetary authorities, regulators, our banking partner, and various institutions is essential. It allows us to better understand market priorities, anticipate applicable regulatory requirements, and ensure that our development contributes to stability and trust in the financial system.
We do not see regulation as opposed to innovation. Clear regulation and open dialogue allow serious actors to invest, innovate, and build for the long term, in a regular, demanding, concerted, and inclusive exchange.
Digital finance now impacts millions of users in the CEMAC area, and specifically in Cameroon. This responsibility requires finding a balance between speed, security, consumer protection, and service continuity. Responsible innovation is not less ambitious innovation. It is innovation strong enough to last and withstand its own success.
By 2030, what concrete change would make you say that Wave has truly succeeded in its mission in Cameroon?
I would not want to measure our success solely by the number of accounts or transactions. I would consider that we have succeeded if more Cameroonians can use their money without having to choose between simplicity, affordable cost, and security. If a trader can receive payments more easily, if a young entrepreneur can better manage their business from their phone, and if a family can transfer money quickly when needed.
I would also like Wave to be seen as a truly rooted company in Cameroon, with strong local teams, talents who have grown with us, and partners who have developed alongside us.
We do not just want Cameroonians to say that Wave is available. We want them to say that Wave has saved them time, allowed them to retain more value, and given them more freedom in managing their money.
It is this concrete impact that we will
