Fintech unicorn Wave has appointed Joël Bertrand Ndjodo, a former senior executive at MTN, as its Country Manager for Cameroon, signalling an ambitious push into one of Central Africa’s most dynamic mobile money markets.
With over 20 years in digital financial services, including 11 years as MTN Cameroon’s senior mobile money manager, Ndjodo will spearhead Wave’s entry in partnership with Commercial Bank Cameroun (CBC). This launch positions Wave’s low-cost, customer-first model against established market leaders MTN and Orange. In response, Orange Cameroon has already reduced mobile money withdrawal fees to 1%—a move widely seen as a reaction to Wave’s hallmark pricing strategy of flat 1% transfer fees and free cash withdrawals.
Wave’s expansion comes amid a boom in Cameroon’s mobile money sector, which saw a 162% rise in transaction value between 2019 and 2023, reaching €37 billion. Backed by a €117 million debt facility from global financiers including Norfund, Finnfund, and British International Investment, Wave aims to leverage financial technology to enhance affordability, inclusion, and financial access. However, navigating regulatory constraints, a competitive landscape, and high operational costs will be crucial in determining its sustainable impact in the region.
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