16th September, 2015
Douala, Cameroon—Ovamba Solutions has joined the Orchard Originator Database. Orchard Platform is a technology and infrastructure provider for marketplace lending. Orchard supports operational efficiency to help institutional investors, investment managers and loan originators connect and transact.
Orchard’s database allows institutional investors to filter and search by multiple criteria, making it easier for them to find and fund opportunities. Ovamba’s presence in the database gives investors increased insights into investment opportunities in Africa, thus enabling Small and Medium Size Enterprises (SMEs) to receive faster access to financing. Marvin Cole, Global CEO of Ovamba hailed it as a breakthrough. He said, “Our inclusion in the Orchard Originator Database is a key step in allowing us to meet our goal to bring together the global finance community, Africa’s small businesses, and Africa’s Finance institutions. Ovamba is a hub for SME finance in key parts of central Africa and is poised to do the same throughout the continent.”
Ovamba has been operating in the CEMAC zone (starting in Cameroon) for over a year, providing millions of Euros to creditworthy Cameroonian borrowers. It has fast positioned itself as a leading institution servicing SMEs, credit unions, MFIs and small banks. Ovamba’s institutional investor Partners are now participating for the first time in African fixed income investments issued by these local lenders. The Ovamba portfolio has witnessed an increase of more than 5000% since the beginning of 2015.
The 6 country Central African sub region, also known as the CEMAC zone (with a population of approximately 37 million people) includes 4 of Africa’s top 10 oil and gas exporters and possesses a single common currency—the CFA franc, permanently pegged to the Euro (and prior to that the French Franc) for the past 70 years.
With 35 personnel on the ground, Ovamba is one of the first to offer a non-interest (“rib free”) product suitable for Sharia-compliant finance funds. Concerning this product, Marvin Cole said, “With more than 400 million Muslims on the African continent, we believe it is critical to offer products for all entrepreneurs regardless of their religious or cultural belief systems. We are proud to offer one of the first Sharia-compliant, ethical, transparent, structured and non interest based lending products for African businesses.”
Matt Burton, CEO of Orchard stated, “We’re excited to have differentiated international leaders like Ovamba join the database. Their inclusion signifies that access to credit through marketplace lending is expanding worldwide. We look forward to supporting Ovamba’s growth by helping expose them to sophisticated investors through our platform.”
ABOUT ORCHARD PLATFORM
Orchard Platform is a technology and infrastructure provider for marketplace lending. Orchard supports operational efficiency to help institutional investors, investment managers and loan originators connect and transact. Founded in New York City in 2013, Orchard’s mission is to build the systems that will allow marketplace lending to efficiently grow into a global financial market. Orchard enables institutional investors and investment managers to allocate capital to marketplace lending, with best practices, manager identification, portfolio bench marking and strategic access to supply. Orchard helps originators across multiple asset classes diversify their capital structure with marketplace lending distribution, and provides market insights, scalable infrastructure and reporting to enable originators to focus on making loans and giving borrowers more choices. Orchard has been named to Forbes Next Billion Dollar Startups list and is recognized for its technical and analytical thought leadership as explored on its blog.
ABOUT OVAMBA SOLUTIONS, INC.
Ovamba is a US based financial services technology company. Marvin R. R. Cole and Viola A. Llewellyn founded Ovamba in early 2013. Ovamba launched in June 2014 in Douala, Cameroon. Ovamba’s internet based platform allows accredited and institutional investors seeking liquidity from investment in African debt to invest in high quality, well-vetted small business loans and other assets from African financial institutions. Ovamba currently originates loans in Cameroon with plans in the near future to offer similar services in the Economic Community of Central African States market. Longer-term expansion plans include other regions of Africa and additional loan and investment products. Ovamba is led by a management team with deep experience in banking, technology and banking advisory from firms such as McKinsey & Co, JP Morgan Chase, Barclays, National Commercial Bank, Rothschild, Unisys and many others.
COO, Ovamba Solutions, Inc.
US: +1 202 390 3165
Cameroon: +237 653789830