Ovamba Solutions Inc. has been nominated by voters from around the world as one of the best FinTech innovators on the African continent. 100 companies were shortlisted and at the time of this press release, Ovamba is in the top 3. Ovamba has been quoted as Africa’s first “Market Place SME Funding” FinTech Company and is a pioneering innovator of business and finance solutions in the CEMAC region.
Within a 2 year operational track record, Ovamba has offered business support to more than 140 businesses in Cameroon and has also been internationally recognised for impacting the growth outlook for African SMEs.
“For us, the best award continues to be the trust that SMEs place in us to deliver “Growth-As-A-Service”, said Marvin Cole, Co-Founder and CEO. “Many have noted how remarkable it is for Ovamba to be nominated amongst the best 100 FinTech companies in Africa, and we are truly honoured to be recognized for this”, he added.
Ovamba’s innovative approach to delivering financial services to the missing middle of Africa’s business sector is driven by a creative technology development process. “Creating a process to solve the pain points of the sector is at the heart of our technology”, said Prashant Mahajan, Chief Technology Officer. Mahajan also went on to say, “We are disrupting the client’s expectation of how technology can help them grow, and delivering a new business ecosystem that will take Africa into a technological future where SMEs drive GDP, and business needs drive innovation.”
The Awards aim to recognise innovative and disruptive FinTech companies. Nominations and voting involved experts, stakeholders and investors from all over the world. The online voting, a combination of public and expert voting, ran from 23 June 2016 and ended 19 September 2016.
Over the past 2 years Ovamba has funded over 140 transactions, totalling approximately €10.5 million ($9 million)). Via Ovamba’s platform, institutional Investors have had the opportunity to invest in the fast-growing African private sector. The company has distinguished itself from its competitors as the only sharia-compliant platform of its kind.
The final awards will take place on October 13th in the Sandton Convention Centre. Africa’s leading FinTech entrepreneurs, bankers, investors and advisors, will gather to celebrate and award the nominees. The complete list of the African FinTech 100 can be found at http://www.fintech-africa.com/top-100.
About Ovamba Solutions
Ovamba was founded in 2013 in the US by long-time friends, Viola Llewellyn and Marvin Cole, who saw an opportunity to help empower entrepreneurs in Africa by providing them with the access to finance needed in order to flourish their businesses.
The company was created to address the funding gap left by the formal banking sector and Micro-Finance Institutions [MFIs] in Africa. To address this, Ovamba connects institutional lenders with business and delivers capital faster with favourable terms than its competitors, including via a mobile app.
In 2014, Ovamba attracted significant investment from UK-based GLI Finance, whose backers include Blackrock Global, AXA Investment Managers and Barclays Wealth. Ovamba then set up its first operations in Cameroon – a country with over 200 local languages, Muslim and Christian communities, and an economy almost entirely comprised of SMEs. It was the perfect place to prove the model.