IFC invests $91 million in West African mobile money startup Wave

The finance-focused arm of the World Bank Group, the International Finance Corporation, has invested $91 million in Wave mobile money startup, based in Senegal and Coted'Ivoire in the West Africa region.

• The investment targets promoting financial inclusion and supporting economic growth in Senegal and Coted'Ivoire by helping Wave to increase its financial product offering in the region, and widen its customer base for mobile money accounts and quality payment services.
• The fund was raised as, €25 million from IFC's account, €41 million in institutional loans from Symbiotics, Blue Orchard, responsAbility, and Lendable, and €24 million from FinnFund and Norfund.
• The partnership will also grow access to digital financial services in the region and increasingly meet the demand for mobile money in West Africa expanded by the COVID-19 pandemic.
• IFC is a member of the World Bank Group using capital, expertise, and influence to create markets and opportunities in emerging economies.