Table of Contents Glossary of Digital Financial Services Terms v Executive Summary 7 1 Introduction 9 2 Wari 11 3 Markets 13 4 The WAEMU Digital Financial Services Landscape 14 5 Analysis of Wari’s Existing Business Model 17 6 Wari’s Strategy 23 7 Sales and Marketing Plan 33 8 Key Service Partnerships 36 9 Technology 38 10 Human 41 11 Risks 44 12 Financial Plan 47 13 Execution Plan 59 Appendix 1: Key DFS Players in the WAEMU 60 Appendix 2: Regulatory Trends in the WAEMU 66 Appendix 3: Financial Inclusion 67 Appendix 3: Projected Financial Performance 70 Record of Revisions Date Revision No. Major Changes 14 July 17 0.0 Incomplete Draft 24 July 17 1.1 Draft Final Completion of document and inclusion of Wari standalone and consolidated financials 15 September 2.0 Final Addition of US-registered acquisition target to document
Table of Contents Glossary of Digital Financial Services Terms v Executive Summary 7 1 Introduction 9 2 Wari 11 3 Markets 13 4 The WAEMU Digital Financial Services Landscape 14 5 Analysis of Wari’s Existing Business Model 17 6 Wari’s Strategy 23 7 Sales and Marketing Plan 33 8 Key Service Partnerships 36 9 Technology 38 10 Human 41 11 Risks 44 12 Financial Plan 47 13 Execution Plan 59 Appendix 1: Key DFS Players in the WAEMU 60 Appendix 2: Regulatory Trends in the WAEMU 66 Appendix 3: Financial Inclusion 67 Appendix 3: Projected Financial Performance 70 Record of Revisions Date Revision No. Major Changes 14 July 17 0.0 Incomplete Draft 24 July 17 1.1 Draft Final Completion of document and inclusion of Wari standalone and consolidated financials 15 September 2.0 Final Addition of US-registered acquisition target to document