U.S.-based fintech startup Wave officially launched its mobile payment services in Cameroon on June 11, 2025, marking its entry into one of Central Africa’s most dynamic mobile money markets.

The launch follows a partnership with Commercial Bank Cameroon, which will give CBC clients access to Wave’s full suite of services. These include cash deposits and withdrawals, bill payments, international transfers, and seamless transactions between bank accounts and mobile wallets.

Cameroon, the economic engine of the Central African Economic and Monetary Community, is a strategic choice for Wave’s expansion. According to the Bank of Central African States, the country processed 1.7 billion mobile money transactions in 2022—accounting for 71% of the region’s total. The mobile money sector contributes between 5% and 8% of Cameroon’s GDP, making it a lucrative and highly active market.

However, Wave’s rollout comes with a limitation: services will be available exclusively to CBC customers for now.

The startup enters a market dominated by established players. Orange Money leads with a commanding 70% share, 10 million active accounts, and over 100,000 merchant partners. Meanwhile, MTN’s MoMo service posted a 14.1% growth rate in Cameroon in 2024—its strongest performance across all markets.

Wave is betting that its reputation for user-friendly services and low transaction fees, combined with the credibility and reach of CBC, will help it gain ground in this fiercely competitive space.

As the payments race intensifies, all eyes are now on how this newcomer will fare. For now, Wave’s story in Cameroon is just beginning.