By Musa Basadi Jawara
The emergence of mobile money services like Wave and Orange Money in West Africa, particularly in The Gambia and Senegal, has revolutionised financial transactions and heralded a new economic renaissance for the continent. These services have become increasingly popular, with some businesses even accepting them as a form of payment, mirroring the credit card industry in advanced economies. However, as with any innovation, there are both benefits and challenges associated with mobile money.
On the one hand, mobile money has increased financial inclusion, reaching previously unbanked populations and providing easy access to financial services, especially in rural or underserved areas. The convenience and low costs of these services have made them a hit with consumers, while businesses have benefited from expanded customer bases and increased efficiency in transactions and payments. Moreover, the rise of mobile money has created new opportunities for agents, merchants, and entrepreneurs, contributing to job creation and economic growth.
As I reflect on the rise of mobile money in West Africa, I’m reminded of the broader themes I’ve explored in my memoir, “From Village Life in the Gambia to Global Views in Washington, DC, and Beyond”. In the book, I delve into the intricacies of economic and financial management, highlighting innovative approaches that are reshaping the African landscape. As I noted, “The future of finance in Africa is mobile, and it’s imperative that policymakers and stakeholders work together to create an ecosystem that fosters growth, protects consumers, and promotes economic stability” (Jawara, 2025, p. 125). This phenomenon is a prime example of how technology can drive financial inclusion and economic growth.
However, the lack of clear guidelines and laws governing mobile money services poses significant risks, including money laundering, cancelled transactions, and dubious international transfers. The absence of robust regulatory frameworks and oversight mechanisms has left consumers vulnerable to fraud and exploitation, highlighting the need for stringent laws to track criminals and protect users. Furthermore, the limited interoperability between different services and systems can create confusion and hinder seamless transactions.
In my memoir, I argue that the key to unlocking Africa’s economic potential lies in embracing innovative solutions like mobile money, while establishing robust regulatory frameworks to ensure sustainability and security. As I’ve written, “The advent of mobile money services like Wave and Orange Money is a testament to the continent’s capacity for ingenuity and adaptation” (Jawara, 2025, p. 123). With “From Village Life in the Gambia to Global Views in Washington, DC, and Beyond”, I aim to contribute to this critical conversation, offering insights and perspectives on the economic and financial trends shaping our world.
To harness the full potential of mobile money, national authorities, central banks, justice departments, and National Assemblies must come together to establish clear regulations and guidelines. This includes ensuring operators meet standards and comply with anti-money laundering (AML) requirements, establishing liability and dispute resolution mechanisms, and facilitating communication between different services and systems. By doing so, governments can create a conducive environment for mobile money to flourish, protecting millions of consumers and businesses alike.
In conclusion, the rise of mobile money in West Africa presents a tremendous opportunity for economic growth and financial inclusion. With the right regulatory frameworks in place, this innovative industry can be a game-changer for the continent, mirroring the impact of credit cards in advanced economies. As the saying goes, “with great power comes great responsibility” – it’s time for policymakers to seize this opportunity and create a robust, secure, and inclusive mobile money ecosystem.
On a personal note, I’m a huge fan of Wave – it’s brought incredible convenience to my financial dealings! Now, I can effortlessly send money to my family in the village, as I’ve written about in my book, without having to physically be there. My folks in Barrajally-Tenda, Nianni, Kaur Toure-Kunda, and across rural Gambia and Senegal, can request support, and I can send it to them via Wave in a blink! This essay isn’t a critique, but a call to action – to protect consumers, businesses, and the industry from criminals and the risks that come with innovation.
