A New War Brewing Between Mobile Money Operators And Fintech Startup, Wave, In Ivory Coast

Wave ’s entry into the mobile money business in Ivory Coast has radically altered the landscape. The American company has established its costs as follows: 0% for deposits, 0% for withdrawals, and only 1% (of the total amount moved) for transfers. 

In response to the public demand for the newcomer, mobile phone carriers who also offer mobile money, such as Orange, MTN, and Moov, have cut their rates to keep up with Wave.

Contactless Payments
Payments

The National Union of Mobile Money Point of Sale Owners of Côte d’Ivoire (Synam-CI) has also stepped up to make its views heard. 

Read also A Wave Of Frauds Grips Fintech Unicorn, Wave, In Senegal

“Synam-CI brings to the attention of the public that the providers of mobile money services in Côte d ‘ Ivoire are in no way against lower transaction fees, buut underlines that for a long time, the owners of points of sale receive low commissions which do not allow them to make a decent living from their activity. This is partly due to the multiplication and increase in taxes which trample on our income (Ripsi or Arsi, VAT),” Elvis Ayemou, Secretary General of Synam-CI, said in a press statement. 

“The Synam-ci can in no way oppose the fight against the high cost of living. The Synam-ci thanks the traditional operators for the efforts made regarding the reduction of transaction costs and the maintenance of the commissions of the service providers that we are,” the union leader added. 

Read also Fintech Startup Wave Puts Orange Money’s Business Model In Cote D’Ivoire Under Threat. Here’s How

Synam-ci, however, called on the Ivorian authorities with a view to reducing taxes which “negatively impact our commissions”. 

Synam-ci, on the other hand, appealed to the Ivorian government to reduce levies that “harm our commissions.” 

“We request that the government investigate our area of operation in order to identify appropriate solutions for the long-term viability of mobile money in Côte d’Ivoire,” the union stated.

Wave mobile money Ivory Coast Wave mobile money Ivory Coast

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write