Senegalese-US fintech Wave has secured a €90 million syndicated loan from the International Finance Corporation, the investment arm of the World Bank, and other sources.
The syndicated loan comprises loans from Symbiotics, Blue Orchard, Lendable, responsAbility Investments, Finnfund, and Norfund.
Coura Sene, Wave general manager for the West African Economic and Monetary Union says Access to digital financial services remains limited in the WAEMU, region with only 24% active mobile money accounts compared to 34% in East Africa in 2020.
IFC’s regional director for West and Central Africa, Aliou Maiga, says supporting access to financial services for the low-income unbanked populations is a key priority for IFC.