7 Things You Need To Know About Wave, Francophone Africa’s First Unicorn • Techpoint Africa

In 2007, Safaricom, Kenya’s mobile network operator, launched M-Pesa, the first African mobile money payment service, to help Kenyans obtain microloans. However, users mainly sent money to each other on the platform. 

As a result, the platform was built around an e-wallet that allows for cash deposits and withdrawals, bank account transfers, loan and savings transactions, receiving a salary, and bill payments ranging from electricity to school fees.

According to studies, in 2017, increased access to mobile money reduced poverty in Kenya, particularly among female-headed households. 

The impact of mobile money on poverty reduction appears to be the result of improved financial behaviour – by facilitating easier and safer savings – and changes in the occupational choice of users. 

More than a third of Senegal’s population is impoverished, with chronic poverty affecting 75% of families. Therefore, to tackle this problem, mobile money service provider, Wave, was launched in 2018 to help Senegalese and other Africans who lack affordable ways to save,…

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