Formeer MTN Executive Joël Bertrand Ndjodo Appointed to Head Cameroon Operations in Escalating Mobile Money Competition
Cameroon's mobile money market is witnessing a shakeup with the entry of fintech unicorn, Wave. The company, known for its disruptive, low-cost pricing model, is challenging the dominance of established players like MTN Cameroon and Orange Cameroon.
Wave's strategy in Cameroon features free cash withdrawals and a flat 1% fee for transfers. This pricing structure has prompted incumbents like Orange Cameroon to preemptively reduce their withdrawal fees to retain customers.
To lead its Cameroon operations, Wave has appointed Joël Bertrand Ndjodo, a former senior MTN mobile money executive with over 20 years of digital financial services experience. This move underscores Wave's commitment to leveraging local expertise in its expansion.
The mobile money market in Cameroon is growing rapidly. Between 2019 and 2023, the value of mobile money transactions jumped by 162%, reaching 24.3 trillion CFA francs (€37bn). Cameroon now represents over 70% of all mobile money activity within the six-nation Central African Economic and Monetary Community (CEMAC) bloc, which handled over €90bn in transactions in 2022.
However, the competitive landscape is not without challenges. Wave does not issue e-money directly due to tight regulations within the CEMAC region. Instead, it partners with Commercial Bank Cameroun (CBC), which holds the required e-money license authorized by COBAC, the regional banking commission, since June 2025. This regulatory structure ensures Wave can offer comprehensive services under CBC’s license to comply with legal requirements.
A notable regulatory challenge is the 0.2% tax on every mobile money transaction, which operators need to absorb in an industry characterized by narrow margins. This tax increases operational costs, pressuring pricing strategies in the competitive environment.
Wave's expansion in Cameroon is supported by a €117 million debt facility led by Rand Merchant Bank, with participation from international development finance institutions like Norfund, Finnfund, and British International Investment. These financial backings underscore strong support for Wave's growth across its eight African markets.
Summary
- Competitive Players: Established - MTN Cameroon, Orange Cameroon; New entrant - Wave
- Wave Strategy: Low-cost, disruptive pricing (free withdrawals, 1% transfer fee), local leadership (ex-MTN exec Joël Ndjodo)
- Market Size & Growth: Mobile money transactions grew 162% to ~$43 billion (2019-2023); Cameroon is dominant in CEMAC
- Regulatory Framework: Wave partners with CBC (licensed e-money issuer), authorised by regional regulator COBAC; direct e-money issuance prohibited
- Regulatory Challenges: 0.2% tax on mobile money transactions, pressure on margins
- Financial Backing: €117 million debt facility led by Rand Merchant Bank, supported by major development finance institutions
- Wave's strategy of offering a low-cost, disruptive pricing model, with free cash withdrawals and a flat 1% fee for transfers, is inspiring established players like Orange Cameroon to adjust their pricing structures to remain competitive in Cameroon's mobile money market.
- In the rapidly growing mobile money market of Cameroon, with financial backing from institutions like Rand Merchant Bank, Norfund, Finnfund, and British International Investment, Wave is expanding its business by leveraging technology, local expertise, and partnerships with licensed e-money issuers like Commercial Bank Cameroun (CBC), as they navigate the challenges of tight regulations and regulatory taxes.
