This appointment comes on the heels of Wave’s recent $137 million debt funding round aimed at scaling its operations in both new and existing markets. 

Having recently entered the Cameroonian market, Wave is positioning itself to compete for market share with already established telecoms like MTN and Orange in the country. 

The company currently operates in eight African countries, including Senegal, Côte d’Ivoire, Mali, The Gambia, Burkina Faso, and Cameroon.

Ndjodo is a digital financial services specialist with over two decades of experience in both local and international management roles. His career spans the telecoms, oil, and consulting sectors, and he previously served as MTN Cameroon’s Senior Mobile Money Manager.

Wave officially entered Cameroon through a strategic partnership with Commercial Bank Cameroon (CBC).

Authorised by the regional banking regulator, Cobac, the partnership allows CBC clients to perform cash deposits, withdrawals, pay bills, receive international transfers, buy airtime, and move money between mobile wallets and bank accounts.

In his new role, Ndjodo is tasked with sustainably establishing Wave’s presence in Cameroon and positioning the fintech to tap into the country’s fast growing and competitive financial services market.

Designed to scale its operations across existing and new markets, even as many African startups struggle to raise capital, this is a 100% debt which makes the deal unique.

Led by Rand Merchant Bank (RMB) and backed by development finance institutions such as British International Investment (BII), Finnfund, and Norfund, the new capital will fuel Wave’s working capital needs and infrastructure growth. 

These funders are turning to debt instruments to support high-impact ventures, a change driven by global macroeconomic pressures and declining venture capital inflows into Africa.

Wave, already active in eight West African countries including Senegal, Côte d’Ivoire, Mali, Burkina Faso, Gambia, and most recently Cameroon, is aiming to boost its footprint and possibly move into Central and East Africa. 

While no roadmap has been published, the company’s ongoing recruitment and regulatory conversations in those regions hint at what’s coming.

Wave’s co-founder and CEO, Drew Durbin, captured the company’s urgency: “I’m thrilled about this funding, it means we can help even more people by delivering the best possible product at the lowest possible price.”

Founded in 2018, Wave is bolstering access to finance. The firm has reached over 20 million active users monthly and manages a sprawling network of more than 150,000 agents across the continent. 

In a region where telecom giants like Orange, Free, and Expresso still charge between 5% to 10% per transaction, Wave’s fixed 1% fee for peer-to-peer transfers has become its strongest weapon.

Deposits and withdrawals are free. For bill payments, users pay nothing, merchants carry the cost. It’s a commendable, consumer-first approach that has helped Wave capture the trust of micro-entrepreneurs and women who now use its services to manage finances, save consistently, and gain independence.

Accessibility also drives Wave’s model. Even those without smartphones can use QR cards linked to their accounts, ensuring the platform serves both digital natives and low-income earners equally.

Wave’s business model has turned heads well beyond the continent. In 2021, it became Francophone Africa’s first unicorn with a $1.7 billion valuation following a record-setting $200 million Series A round. Stripe, Sequoia Heritage, and Founders Fund led that funding.

Despite global challenges and past internal restructuring, including a 15% staff cut in 2022, Wave has stabilised with a team of 3,000 employees. The company continues to report strong operational performance and deeper integrations with local banks and utility providers. 

Its long-term goal is to build a full-stack financial infrastructure that can underpin both consumer payments and institutional financial services.

Wave is also the only African startup listed in Y Combinator’s Top 50 revenue-generating companies in 2023 and 2024, showing enduring profitability in a tough investment environment.

For institutions like Finnfund, the real value lies in the impact. According to their data, 80% of Wave users report an improved quality of life, less stress around money, more savings, and a sense of control over their finances.

Wave is showing that mobile money in Africa doesn’t have to be expensive or complicated, and with this fresh round of funding, it’s obvious the company isn’t done yet.