Fintech unicorn Wave has appointed Joël Bertrand Ndjodo, a former executive at telecom giant MTN, as its Country Manager for Cameroon, signalling a determined push into one of Central Africa’s most vibrant mobile money markets.

Ndjodo, who served for 11 years as a senior mobile money manager at MTN in Cameroon, brings more than two decades of experience in digital financial services. His appointment aligns with Wave’s long-anticipated official launch in Cameroon, made possible through a partnership with the local Commercial Bank Cameroun (CBC).

This development sets Wave’s disruptive, low-cost model against the market’s established leaders, MTN and Orange, at a time when other international fintechs, including Flutterwave and Cauri Money, are also competing for a share of the Cameroonian market.

The competitive impact is already visible. Orange Cameroon, the leading player in the market, has proactively reduced its mobile money withdrawal fees to 1% from 1.5% via its Max it app. This follows an earlier cut from 2% in 2022.

“We want to make life easier for Cameroonians through accessible and increasingly affordable solutions,” Orange Cameroon recently stated.

The move is seen as a clear defensive response to Wave’s hallmark pricing structure, which typically offers a flat 1% fee for transfers and free cash withdrawals—a model that has previously compelled rivals in Senegal and Côte d’Ivoire to make substantial price reductions.

In Cameroon, Wave will not directly issue e-money, an activity strictly regulated within the Central African Economic and Monetary Community (CEMAC) region. Instead, it will operate under CBC’s licence, authorised by the regional banking commission COBAC in June 2025, to provide services such as deposits, withdrawals, peer-to-peer transfers, and bill payments.

This expansion comes with strong financial backing. Wave recently secured a €117 million debt facility led by Rand Merchant Bank, with contributions from development finance institutions including Norfund, Finnfund, and British International Investment, to support its growth across its eight African markets.

Interest from international players is hardly surprising. Between 2019 and 2023, the value of mobile money transactions in Cameroon jumped by 162%, reaching 24.3 trillion CFA francs (€37bn), according to official data. During the same period, the number of active accounts increased by 144% to more than 24 million.

Cameroon now represents over 70% of all mobile money activity within the six-nation CEMAC bloc, which, according to the Bank of Central African States (BEAC), handled over €90bn in transactions in 2022.

Yet, the operating environment poses notable challenges. A 0.2% tax is applied to every mobile money transaction, adding a cost that operators must absorb in an industry where margins are already tight.

There is also the cautionary example of YUP, Société Générale’s mobile money initiative, which closed in 2022. Despite strong institutional backing, YUP struggled to compete with entrenched incumbents, reaching a peak of only 22,000 active users compared to Orange’s 10 million at the time.

For Wave, bringing on a seasoned local figure like Ndjodo marks a strategic opening move. His task will be to navigate a complex regulatory framework and tailor Wave’s proven West African strategy to challenge dominant competitors in a market where brand loyalty and expansive agent networks play a decisive role. The fee wars may be beginning, but in Cameroon, disruption comes at a high price.

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