Recently, it was announced that Wave, the mobile money application that aims to make Africa the first cashless continent, received a $5 million venture fund investment from the Stellar Development Foundation.
Wave’s Mobile Money App
Wave set out to create a new financial network that addresses the current problems with mobile money. Thanks to the spread of mobile money in recent years, millions of Africans who do not have access to bank accounts have access to financial services. However, issues with affordability, accessibility, and user experience still remain. However, current market solutions have not been able to significantly reduce these problems for users.
On the other hand, Wave has made progress in this sector by offering simpler and cheaper solutions. Currently, the platform serves more than 10 million customers every month in Senegal, Ivory Coast, Uganda, Mali, and Burkina Faso. Wave provides convenience to users in many subjects, especially the following features:
- Deposit and withdraw money
- Making payments to investors
- Pay bills for free
In addition to these listed features, Wave makes it possible to transmit money more reasonably using a network of over 30,000 agents. The reason for this is purely the idea that it is everyone’s right to provide equal access to the financial products owned by Wave.
Fintech company Wave Group, with its subsidiaries, operates a mobile money service that is making rapid progress in Africa. Aiming to bring together the many financially excluded Africans, Wave is an impact-first company. The main goal of the company is to make Africa the first continent to be completely cashless.
In fact, Stellar is a decentralized, fast, scalable and especially sustainable network for financial goods and services. Moreover, Stellar is a cross-currency trading system created to connect the global financial infrastructure, in addition to being a platform for the issuance of digital assets.