Orange Money, MTN, Wave: the mobile money battle
In West Africa, the mobile money battle is fought on fees, coverage, trust and user experience. The winners are those who become useful every day.
Mobile money has become an African economic infrastructure. It is used to send money, pay a merchant, receive a salary, settle a bill or sell online without a traditional banking terminal.
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- GSMA estimates that mobile money exceeded $2,000 billion in transactions worldwide in 2025.
- The World Bank indicates that 58% of adults in sub-Saharan Africa held a financial account in 2024, compared to 49% in 2021.
- Still according to the Global Findex 2025, 40% of adults in sub-Saharan Africa had a mobile money account in 2024.
Telecom operators have agents, customers and well-known brands. Their advantage is coverage. Their challenge is to keep fees competitive and the experience simple.
Legacy networks and new entrants
In many markets, it replaces some basic banking services: deposits, withdrawals, transfers, merchant payments and micro-savings. Its success is due to the proximity of agents, the simplicity of the phone and the absence of a traditional bank account for some users.
Legacy operators benefit from vast networks. New players have often attacked the market through lower fees and user experience. For SMEs, the issue is not just cost: reliability, limits, accounting, refunds and integration with online sales must also be considered.
New players have disrupted the market by simplifying usage and attacking commissions. This competition forces the entire sector to improve costs, speed and transparency.
- Accepting payments without daily reconciliation.
- Ignoring withdrawal limits and fees.
- Using a personal account for a professional activity without tracking.
Fees, coverage and daily use
In mobile money in Africa, data can move fast. The right approach is to check the date of the figures, the source used, the country concerned and the practical conditions. Useful information today can become misleading if the exchange rate, regulation, fees, global price or access to financing change.
The most reliable reading therefore combines three levels: a recent public figure, a concrete example and a local verification. It is this combination that allows moving from an appealing idea to a more solid decision.
For households as well as merchants, mobile money leaves a trace. This trace can become an advantage: payment history, proof of receipt, expense tracking, separation of uses. But it can also create confusion if several activities go through the same account.
SMEs would benefit from treating mobile money as a fully-fledged cash register. Each evening, payments must be reconciled with sales, refunds and withdrawals. This simple discipline avoids confusing transaction volume with actual profit.
Key takeaways on mobile payments
The battle is fought on fees, coverage, simplicity and daily use by merchants.
Mobile money first grew through person-to-person transfers. The next stage is playing out in merchant payments, bills, salaries and services for SMEs. The more professional the use becomes, the more fee transparency, support quality and accounting exports matter.
Also read
- Mobile money in Africa: figures, leading countries and uses
- Mobile money and business: how African SMEs collect payments
Sources
GSMA, State of the Industry Report on Mobile Money 2026 ; World Bank, Global Findex 2025.
FAQ
Who dominates mobile money in West Africa?
Legacy operators like Orange Money and MTN remain powerful, but Wave has changed the competition on fees and experience.
Why did Wave change the market?
By simplifying usage and pushing fees down, Wave forced established players to improve their offering.
What should a user compare?
Fees, agent coverage, speed, limits, support and ease of withdrawal.
