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M-Pesa vs Wave
M-Pesa and Wave are both payment receiving platforms. On a $1,000 payment you keep about $1,000 on M-Pesa and $990 on Wave, before withdrawal or currency-conversion costs.
Updated · from each platform’s published fees and payout terms · how we verify
Key differences
- On a $1,000 payment you keep about $1,000 on M-Pesa and $990 on Wave, before withdrawal or currency-conversion costs.
- Only M-Pesa offers Cash agents and Bank transfer. Only Wave offers Agent cash-out and bill pay.
- M-Pesa is the older platform — founded in 2007, 11 years before Wave (2018).
- M-Pesa is based in Kenya, Wave in Senegal.
Which should you choose?
Choose M-Pesa if…
- Keeping more of each payment matters most — its fee is lower.
- You want to withdraw via Cash agents and Bank transfer.
- You prefer a long track record (since 2007).
Choose Wave if…
- You want to withdraw via Agent cash-out and bill pay.
Side by side
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M-Pesa
The mobile money system that runs East Africa - anyone with a SIM card can receive payments, and small busines…
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Wave
A West African mobile-money app with low fees for receiving and sending money.
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|---|---|---|
| Type | Payment receiving like Payoneer | Payment receiving like Payoneer |
| Category | Payments | Payments |
| Vetted | No | No |
| Work from home | No | No |
| Fees | Free deposits, tiered P2P and agent withdrawal fees | Free deposits and withdrawals, 1% P2P fee |
| Payout speed | — | Cash withdrawal at Wave agents is free, timing not stated |
| Withdraw via | Cash agents, Bank transfer | Agent cash-out, bill pay |
| Availability | Kenya + 7 African markets | Senegal + 7 African countries |
| Local to | Kenya, Tanzania | Senegal, Ivory Coast, Mali |
| Founded | 2007 | 2018 |
| Headquarters | Nairobi, Kenya | Dakar, Senegal |
| Popularity | 54 views · 0 likes | 40 views · 0 likes |
Frequently asked questions
Which is cheaper, M-Pesa or Wave?
On a $1,000 payment you keep about $1,000 on M-Pesa and $990 on Wave, before withdrawal or currency-conversion costs.
Where are M-Pesa and Wave available?
M-Pesa: Kenya + 7 African markets. Wave: Senegal + 7 African countries.