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Wave Mobile Money Payment Service (Reviews)

Wave is a Financial Institution that provides Mobile Money Services and Digital Finance Space to the people of Africa. Mobile Money Service has been an essential tool for Financial Inclusions that drives Financial Service closer to the average person.

Wave Mobile Money Payment Service

However, mobile money service fees, withdrawal charges and government taxes in some countries has made the service relatively expensive. And that's where Wave come in - making people to send and receive money seamlessly and cheaply via its mobile app.

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The Wave Company is headquartered and located in Dakar, Senegal.

More Information about Wave Mobile Money Holdings Inc.

Funding - Series A

Official Website - https://www.wave.com

Company CB Rank - 2,497

Total Funding Amount - $200M

Employee - 4

Investors - 6

Founded Date - February 1, 2018

Founders - Drew Durbin and Lincoln Quirk

CEO - Drew Durbin

CTO - Ben Kuhn

Contact Email - help@wave.com

Phone Number - 61798701293

The company provides app-based Financial Service to save, transfer and borrow money at affordable rate. Wave mission is to make Africa the first cashless continent.

Wave was created by two Americans to lower the cost of mobile money transaction fees. The payment platform works by applying charges of 1 percent for every transactions perform between individuals.

Now, Wave is available in there (3) Africa Countries - Senegal, Cote d'lvoire and Uganda. On May 25, 2021, the Fintech Startup organized a panel session in Abidjan to discuss the role of Fintech in Financial inclusions.

Wave Mobile Money Competitors

Below are companies like wave in Africa.

  1. Flutterwave, Nigeria
  2. Enterprise Group, Ghana
  3. Fairy, Egypt.
  4. WorldRemit
  5. Western Union
  6. Chipper Cash

Wave Mobile Money Countries

Currently, Wave operates in 3 African countries which are Senegal, Cote d'lvoire and Uganda. With the plan to extend to more countries in Africa.


4 Things you need to know about Wave Mobile Money Company

Wave Works without a Bank Account

You can probably use wave without a Bank Account. As of 2018, majority of Africa's population do not own a bank account, this is Wave come in to offer services to both unbanked and the banked population.

Unlike PayPal, Wave is a peer-to-peer money transfer in Africa that allows user to send and receive money with little or no fees.

Customers can make deposits and withdrawals at physical agent locations without paying a fee, or they can use a smartphone app that takes a flat 1% cut of the money sent, Drew Explained.

 In addition, wave customers can pay bills and purchases airtime in the app.

Wave was Founded by Americans

Drew Durbin and Lincoln Quirk
Drew Durbin and Lincoln Quirk (founder and CEO of Wave Mobile Money Holdings)


The Fintech company was founded by two friends - Drew and Lincoln, who met at Brown University in the United States of America.

They shared the same passion for creating simple products with social impact and they believe that with Wave, they can make Africa the first cashless continent.

The Largest Series A Round in Africa Fintech.

Wave is the first African Fintech that has raised $200M in Series A. And it's the third in overall series.

Africa's tech space funding round in 2021


According to top funding rounds in Africa's tech space as of September 6, 2021,  Jumia raised $603M in Series C, OPay raised $400M in Series C, and Wave raised $200M in Series A funding.

Deposit are Free but there is Option

To deposit into your wave wallet from an agent via QR codes are free of charge. However, if you are receiving money from a recipient, sure transactions will be considered wallet-to-wallet transactions and you will be charged 1 percent fee on the amount you're sending.

Meanwhile, Money withdrawal are totally free of charge.

Registration and Verification of Wave Mobile Money Account

Here is how to register/open and Verify your wave account in a simple steps.

To get started, download the wave app from either Google play store or Apple app store. Install and launch the app on your device.

Open the app and register with your phone number.

Sendwave QR scan code


After a successful registration, you will be greeted with a QR scan code that compromises your account details, in which wave agent or your family and friends can use to send money to your wave account or wallet.

Wave Account Verification

To continue using your account or to perform any transaction with a wave agent, you will be required to verify your identity first. 

Follow the below step by step guide to verify your wave account.

  • Go to any wave agent kiosk with any of your national identity card.
  • The agent will do the verification and take the picture of you and the government issued ID card.
After a successful verification by the agent, you will be able to receive and withdrawal funds from the agent.

Wave Mobile Money Fees and Exchange Rate.

Wave doesn't charge any fees for the money you send, Instead they charge fees on the exchange rate.

Meanwhile, some certain fees might be deducted from bank. This charges are outside the control of wave.

However, wave charge the lowest exchange rate you will need meet in any Africa Fintech market. Unlike Eversend, the Fintech Startup in Uganda also charge low exchange currencies rate.

Furthermore, wave offers interbank transfer with cool exchange rate. For instance, if interbank exchange to Nigeria is £1,000 to NGN475,725, wave offers to exchange £1,000 at NGN466,000.

This simply means, wave will get NGN 9,725 as their exchange rate fees. This is how wave makes money.

Wave Money App

Wave Mobile Money App

The Wave Mobile Money Application can download at Google Play Store for Android users and iOS app store for iPhone users.

The Fintech Startup offers its services via the app.

  • Send Money
  • Receive money by QR scan code on the app
  • Pay bills
  • Buy airtime
  • Perform interbank transfer
  • Real-time updates
  • Hands on desk customer care service

All those mentioned above are the Features of the wave Mobile app.

How does Wave works

Wave Mobile Money Payment Service works,

  • Send money to your loved on Africa and abroad
  • Pay your utility bills
  • Purchase more time on phone
  • Do exchange of foreign currencies to your local currency at affordable rate fees.
  • Etc.
Many more ways that wave work best for its users. Feel free to share this article anywhere in the world and let's us know in the comments section if we are missing anything.



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About the Author

Hello! My name is Stephen. I'm a content writer. I write stories about Finance, Businesess and Technology. Contact me via the contact page. Thanks.

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