Fintech Wave Launches in Gambia | fDi Intelligence – Your source for information on foreign direct investment
Wave, the fast-growing African mobile money platform used in Senegal, Uganda and Ivory Coast, expanded to The Gambia last year, where it hopes to bring a large portion of the population into the financial system. Ben Kolesar, who started Wave’s operations in Gambia, explains the company’s thinking fDi Intelligence.
The Gambia is a crossroads in West Africa, attracting students and entrepreneurs from across the region. This makes it an important market for any company following a regional strategy.
Q: Why did Wave decide to launch in The Gambia?
ONE Senegal was Wave’s first market and within weeks of launching people were asking us when we were going to launch in The Gambia. Despite a robust banking sector, only 2% of Gambians regularly used mobile money before we arrived. This meant that we not only had the opportunity to reduce costs for customers, but to include a large segment of the population financially for the first time. Another key factor was that Gambia’s central bank had recently put together clear rules for companies like ours and was excited to see more players in the market.
Q: What are Gambia’s growth prospects?
ONE: We see enormous potential for growth. We have found that Gambians are open to new products and ways of doing business, and we have been able to tap into a deeper talent pool than you might expect to find in a small country. The Gambia is a crossroads in West Africa, attracting students and entrepreneurs from across the region. This makes it an important market for any company following a regional strategy.
Despite low mobile money usage before Wave arrived, people could see Wave’s impact across the border in Senegal and could understand the urgency and importance of a digital payment. The introduction of Wave mobile money services locally has the potential to grow exponentially by unlocking opportunities and possibilities for those living in The Gambia to have access to affordable financial services. The vast majority of Gambians are already aware of Wave and they understand the significant positive impact it will bring to the local economy.
Q: Does The Gambia feel open to technological innovation?
ONE: Of all the countries we have worked in, The Gambia is at or near the top for ease of doing business. The market is open to new players and regulators make themselves available to answer questions and provide guidance. In some countries it can take weeks of writing letters back and forth to resolve issues which in The Gambia only takes a quick phone call.
Even in the best regulatory environment, customers ultimately decide whether a business survives. Fortunately, we have consistently found that Gambian consumers are tech-savvy and eager to adopt new solutions.
This article first appeared in the April/May 2023 print edition fDi Intelligence. See a digital edition of the magazine here.
