Wave accounts for 90% of the adult population with a Wave account. The company achieved unicorn status in 2021 after raising $200 million in Series A funding, becoming the first French-speaking African unicorn.
Senegal’s Bus Rapid Transport System (BRT).
Fintech unicorn, Wave, has not stopped after taking Senegal’s financial scenery by storm. It has now taken over the country’s largest e-ticketing system for public transport. Wave Digital Finance and Dakar Mobilité, the concessionaire operating the city’s Bus Rapid Transport (BRT) system, have forged a partnership agreement that led to the launch of “SUNU BRT with WAVE”, an electronic ticketing solution that can be accessed through the Wave mobile application.
Wave’s rise in Senegal’s mobile money market has been rapid. With nearly 11 million active customers, including 7.18 million regular users, Wave accounts for 90% of the adult population with a Wave account. The company achieved unicorn status in 2021 after raising $200 million in Series A funding, becoming the first French-speaking African unicorn.
Since its launch, the service has sold over 100,000 tickets, according to Wave. This has resulted in a corresponding decrease at physical ticket counters. “Users can now purchase their BRT tickets directly through the Wave app. After selecting their route and completing the payment, a QR code is generated, which is then scanned at the BRT station gates, ensuring quick and secure access.” explained Ousmane Dioum, head of merchant distribution at Wave.
El Hadji Malick Gueye, Managing Director of Wave Senegal, said “This collaboration brings together two major players in innovation: one in financial technology and the other in urban mobility. Together, we aim to facilitate a more modern and fluid transport experience for users.” He noted the encouraging initial figures, showing the widespread adoption of the new system.
Cheikh Yatt Diouf, Managing Director of Dakar Mobilité, underscored the importance of the e-ticketing system in the broader context of modernizing Dakar’s public transport. “We were aware of the challenges related to the digitalization of transport and wanted to go further by enabling ticket purchases directly through the mobile application,” Mr. Diouf stated.
He aims to double the proportion of mobile payments for BRT tickets, which currently stands at 20%, with the introduction of the e-ticket. “Our buses are 100% electric, and we are committed to using renewable energy. Beyond the ecological aspect, digitalization is a key priority for this project. We want to revolutionize public transport in Dakar, and this necessarily involves the development of digital payments.” The e-ticket, he added, simplifies commutes by eliminating the need to queue at ticket counters.
The BRT system was inaugurated in January 2024 as a flagship project of Senegal’s Emerging Senegal Plan (PSE). Funded through a public-private partnership, the 18.3km line serves two departments and 14 municipalities within the Dakar agglomeration. With a fleet of 158 electric buses, the BRT aims to transport approximately 300,000 passengers daily, offering onboard internet and improved journey times.
Operating across several West African countries, Wave’s disruptive pricing model, charging only 1% transaction fees, has enabled it to quickly gain market share, challenging established players like Orange. Its partnership with Dakar Mobilité and the successful implementation of the BRT e-ticketing system further solidify Wave’s position as a dominant force in Senegal’s fintech landscape.
