Wave Enters Cameroon through CBC Bank

Effective June 11, 2025, U.S. startup Wave has received authorization to operate in Cameroon through a partnership with Commercial Bank Cameroon (CBC). This approval was formalized in a decision signed by Yvon Sana Bangui, president of the Central African Banking Commission (Cobac), the banking sector's regulatory authority in the CEMAC zone.

Under this decision, CBC will roll out a payment service named "Wave," a collaborative effort with Wave Transfer SA. Cobac's president noted that the service will encompass "cash deposits and withdrawals, person-to-person transfers, merchant payments, bill payments, bulk payments, transfers between mobile wallets and bank accounts, balance inquiries, incoming international transfers, as well as the purchase of airtime.”

Sources indicate that the "Wave" service, which does not include electronic money management activities like Mobile Money, will be exclusively available to CBC clients. This new offering is expected to intensify competition within Cameroon's digital payments market, a sector that has seen significant growth in recent years, largely driven by Mobile Money services provided by mobile telecom operators.

Cameroon leads the CEMAC sub-region in Mobile Money transactions, both in volume and value, according to the 2022 report on payment services in CEMAC published by BEAC, the central bank for CEMAC countries. The country accounts for 71% of transactions, totaling 1.7 billion, and 55% of the value, amounting to 59,003 billion CFA francs.

SOURCE: BUSINESSINCAMEROON