This archive report was first published on 13 July 2019.
Launched out of beta in 2013, Ovamba Solutions has made significant strides in the fintech industry, with its transactions reaching an impressive £105 million. The majority of these transactions have been facilitated through its mobile app, Ovamba Plus.
According to Marvin Cole, Co-Founder and CEO, the firm's investors have been pushing for increased terms and funding limits, which Ovamba is excited to implement in additional markets. The company aims to triple the number and quality of transactions across its platform in 2019, as long as it can match the capital to meet demand.
As of now, Ovamba is completely over-subscribed, with over 1000 transactions processed from SMEs in Cameroon alone in recent months. These transactions have enabled the firms to raise capital to purchase inventory from global manufacturers, thereby growing their revenues.
The most successful clients in Ovamba's portfolio are in the FMCGs and light manufacturing and infrastructure sectors. The firm provides them with eCommerce, logistics, and flexible warehousing solutions to promote real business growth through business support.
“Global stakeholders have heard announcements saying that Africa is open for business but being open to digitization and trade in spite of current political sentiment is an entirely new opportunity”, said Viola Llewellyn, Co-founder and Global President.
Founded in 2013 by Viola Llewellyn and Marvin Cole, Ovamba has come a long way in providing funding solutions for businesses in Cameroon. The firm aims to increase collaboration with banks, build more technology products to serve its clients better, and increase capital access to its customers for high-value growth and impact in the next five years.
