CAMEROON – MFS Africa, a pan-African fintech company operating a digital payments hub on the continent, has provided seed investment of US$3 million to Maviance, a Cameroon-based fintech provider.
Maviance will be using the new funding to increase its footprint in its Cameroon and to expand into other countries in the central African economic region (CEMAC).
“The rapid development of digital financial services that we have seen in Cameroon over the past few years is poised to spread across the CEMAC region. This will further accelerate the demand for domestic and cross-border payment from MSMEs, social enterprises and corporates in the region,” Dare Okoudjou, MFS Africa’s founder and CEO, said.
“Maviance, as a key infrastructure provider with its set of highly relevant products, is well-positioned to benefit from this growing demand. That is why we are thrilled to be partnering with the company, as we continue to broaden and deepen the reach of the MFS Africa Hub across Africa.”
In Cameroon, micro, small and medium-sized enterprises (MSMEs) employ over 90% of the workforce and contribute around 36% of GDP. However, many MSMEs lack access to digital financial services to grow their businesses.
Maviance, which serves over 500,000 unique customers a month, has connected key service providers, payment providers, financial institutions and mobile money operators to its Smobilpay digital financial services platform.
Smobilpay’s digital financial services help businesses improve their sales by encouraging their customers to move away from cash-based transactions to digital.
Smobilpay empowers underserved MSMEs, agents, banks and financial institutions’ customers within the CEMAC region with more accessible digital financial services solutions. Maviance’s growing network of agents and MSME partners offer their customers a wide array of digital financial services.
“With MFS Africa, Maviance has gained not just a funding partner, but more importantly a strategic investor who will provide valuable impetus to enable us to extend our service portfolio and network as well as to expand into the other five countries within the CEMAC region, via the GIMACPAY switch,” Nkwenti Azong-Wara, CEO of Maviance, said.
Following the outbreak of COVID-19, Maviance has experienced increasing demand from businesses to digitise their payment processes and transition away from cash.
The joint forces of Maviance and MFS Africa will open up opportunities for MSMEs to easily digitise their processes, enabling them to benefit from the ecosystem of mobile money providers and other financial institutions providing seamless payment for services irrespective of channel.