Sunday, September 28, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Funding

IFC invests in Wave, a mobile money company, to increase access to digital financial services in West Africa. 

Tech Gist Africa by Tech Gist Africa
07/11/2022
in Funding, News - West Africa, Startups
0 0
0
IFC

IFC

0
SHARES
Share on FacebookShare on Twitter

IFC, a global development organization, has announced an investment in Wave Mobile Money S.A. (Senegal) and Wave Côte d’Ivoire S.A., mobile money companies that are assisting with lowering pricing and extending services in the region. This investment aims to promote financial inclusion and boost economic growth in Senegal and Côte d’Ivoire. 

With the support of financing from IFC and other lenders, Wave will be able to significantly expand its operations in Senegal and Côte d’Ivoire, broaden its product line, and increase the number of people who use its high-quality payment services and mobile money accounts. 

IFC arranged a €90 million financing package, which included a €25 million loan from IFC’s own account, B Loans from Symbiotics, Blue Orchard, responsAbility, and Lendable totaling €41 million, parallel loans from Finnfund and Norfund of €24 million, and other loans totaling €90 million. 

According to Coura Sene, regional director for Wave Mobile Money in the West African Economic and Monetary Union, “Wave’s aim of making Africa the first cashless continent, by providing inexpensive and user-centric solutions, fits IFC’s ambitions of universal financial inclusion” (WAEMU). The IFC and other lenders’ support “helps us offer a choice of financial products, encouraging customers to remain within the formal banking sector, improving financial inclusion in the region.” 

Aliou Maiga, IFC’s Regional Director for West and Central Africa, declared that assisting low-income, unbanked populations in gaining access to financial services was a top goal for the organization. In addition to supporting inclusive finance, “our investment in Wave will greatly enhance digital economy solutions in West Africa.” 

In response to the COVID-19 problem and other factors, IFC’s relationship with Wave will aid West Africa’s growing need for mobile money and digital payments. With only 24% of active mobile money accounts in the region as of 2020 compared to 34% in East Africa, access to digital financial services is still scarce in the area.

 

Read more on Tech Gist Africa:

MNT-Halan, the Egyptian fintech super app, has closed a $150 million securitized bond offering. 

Moove, a Nigerian mobility fintech startup, has raised $20 million in funding from British International Investment

Duhqa, a B2B retail distribution startup in Kenya, raises $2 million in a seed funding round.

ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

Rulebase
Funding

Rulebase Secures $2.1M Pre-Seed Funding to Revolutionize Fintech Back-Office Automation

by Tech Gist Africa
09/26/2025
0

Rulebase, a Y Combinator-backed fintech startup, has raised $2.1 million in pre-seed funding to automate back-office operations in financial services....

Read more
SunCulture Kenya

SunCulture, a Kenyan climate-tech startup has secured a $5 million funding

09/26/2025
AGF Visa Foundation

AGF and Visa Foundation Unveil $2M Fund for Women Entrepreneurs in Africa

09/26/2025
Justyol Morocco

Justyol, a Moroccan e-commerce startup has raised $1 million in funding

09/26/2025
Mavryk Network UAE

Mavryk Network Secures $10M to Revolutionize UAE Real Estate with Blockchain Tokenization

09/26/2025
Next Post
Elon Musk Tech News

Elon Musk wants to cancel the $44 billion Twitter deal, but Twitter says it will compel him to proceed with the deal.  

Apple News tech africa

Apple introduces Lockdown Mode to prevent spyware attacks on users

ConsCent India

ConsCent, a content monetization platform has raised $1.75 million

No Result
View All Result

The Big 5

Food Security

How Technology is Advancing Global Food Security and Reducing Hunger

by Tech Gist Africa
09/26/2025
0

...

Nvidia Abu Dhabi Robotics Lab

Nvidia and Abu Dhabi Institute Launch Middle East’s First AI & Robotics Lab

by Tech Gist Africa
09/26/2025
0

...

MultiChoice

Canal+ has officially completed its $3.17 billion acquisition of South Africa’s MultiChoice Group

by Tech Gist Africa
09/26/2025
0

...

216 Capital & Plug and Play Accelerator

216 Capital & Plug and Play Launch Tunisian Accelerator to Bridge Local Startups to Global Stage

by Tech Gist Africa
09/26/2025
0

...

Funding

Groundbreaking UK Tender Aims to Map East Africa’s Start-Up Financing Landscape

by Tech Gist Africa
09/26/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.