Overview: Today, we’re going to talk about Wave, the African consumer payments company. We’ll explore Wave’s story across 5 areas: We'll start with some context about payments in Africa Wave's launch & early history Wave's Product & monetization strategy Wave's competitive positioning & potential exit options Overall outlook This episode was recorded on May 1, 2022 Companies discussed: Wave, Sendwave, Safaricom (M-PESA), bKash, TeamApt, Chipper Cash, Orange (Sonatel), Free (Tigo), Opay, Paga, MTN, Airtel, Zedbank & Kuda Bank Business concepts discussed: Consumer Fintech (Agency banking & mobile money), International expansion, banking regulation, low cost pricing strategy, customer acquisition strategy, innovator’s dilemma & low end disruption Conversation highlights: (01:02) - Wave context (09:13) - Financial inclusion context in Africa (30:10) - Founder background and Sendwave origins (36:06) - Wave Launch in Francophone Africa (54:20) - Fundraising strategy & investors (1:12:15) - Product and monetization strategy (1:34:28) - Competition and exit options (1:55:44) - Bankole’s overall thoughts and outlook (2:08:57) - Olumide’s overall thoughts and outlook (2:27:30) - Recommendations and small wins Olumide’s recommendations & small wins: Recommendation: Brené Brown was on the "We can Do Hard Things" podcast, on an episode called "What to Say to Get What You Need". Spoke about human connection. Truly awesome. I liked it so much I started reading Brene's book "Atlas of the heart". Recommendation: Samora Kariuku's substack post about Wave Recommendation: Everett Randle’s (from Founders Fund) Substack post about Wave Small win: Got lost on the internet prepping for this episode and ended up watching hours of boxing matches. Don't ask Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com Bankole’s recommendations & small wins: Recommendation: Laws of Trading & Only Murders In The Building Small win: Lots of dinners with friends and travel Other content: State of the Industry Report on Mobile Money & 406 Na D Code - Tekno and Falz Investors, Operators, Entrepreneurs - We’d love to hear from you. Please email info@afrobility.com to share feedback or propose topics you’d like to hear.
