Wave Senegal has moved swiftly to defend its financial record after Finance Minister Abdoulaye Diop accused the leading mobile money operator of failing to pay corporate tax during a high-profile session at the National Assembly.
The company issued an official statement on September 21, 2025, clarifying its payments and stressing its compliance with tax obligations.
According to Wave, it contributed more than 30 billion CFA francs in the 2024 financial year, covering not only corporate income tax but also the tax on financial activities (TAF), value-added tax (VAT), withholding taxes, and employer social security contributions.
“All payments are verifiable, declared, and audited,” the statement said, adding that the company also supports state initiatives through investments in treasury bonds and community projects.
The controversy erupted after the Finance Minister told parliament that Wave had only paid the minimum flat-rate tax of 20 million CFA francs and had not met its corporate tax obligations in 2024. The remarks sparked debate across media and social networks, prompting Wave to issue its clarifying statement.
The episode underscores the challenges Senegal faces in regulating and taxing large financial services firms. Wave highlighted that its total payments should be understood as a combination of various levies, not solely corporate tax, a distinction that can cause confusion when comparing contributions across companies.
Orange Senegal, another dominant player in the telecommunications and mobile money sector, did not respond to the minister’s remarks. However, its published financial statements indicate corporate tax contributions exceeding 100 billion CFA francs annually, highlighting the disparities between operators and the complexity of tax assessments in the sector.
Observers note that the debate extends beyond individual companies, touching on broader questions of transparency, fairness, and the equitable collection of revenues from major economic actors.
As Senegal’s mobile financial services market grows, the dispute between authorities and operators such as Wave illustrates the ongoing tension between regulatory oversight and corporate accountability.
The discussion remains open, with both government and industry watchers emphasizing the need for clarity in reporting and enforcement to ensure fair competition and sustained public revenue.
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