Ranked amongst the top 10 most innovative companies in Africa by Fast Company, Ovamba Solutions in recent months, have processed over 1000 transactions from growing businesses in Cameroon alone. These small and medium enterprises (SMEs) applied for funding from Ovamba to purchase inventory from global sources to boost their sales and win market share in Cameroon.
Ovamba’s unique approach to helping businesses grow uses a proprietary risk model that blends ethnic and cultural data with traditional risk assessment features typical to African and emerging market realities. Ovamba provides its customers with e-commerce, logistics, and flexible warehousing solutions to promote real business growth through business support.
In addition, Ovamba’s Natural Language Chatbot gives informal businesses in the trade and commodities sector full access to financial services where language might be a barrier. Ovamba foresees using the chatbot to deliver business coaching.
Since coming out of a successful beta testing phase in 2017, transactions originated have totaled approximately 105 million Euros. Majority of the applications have come via the mobile app, ‘Ovamba Plus,’ which allows customers to apply for funding. It also allows them to control their business operations, inventory levels, and cashflow to boost business growth.
Ovamba’s combination of capital, logistics, and inventory management has, therefore, helped some high-performing customers to experience over 700% growth yearly. Having seen the proof of concept and sped up customer growth, Ovamba has, therefore, begun expansion of operations from their Central African hub (Cameroon) to West Africa and other emerging markets.
The most successful clients in Ovamba’s portfolio are in the FMCG (Fast Moving Consumable Goods) and light manufacturing/infrastructure sectors.
“Consolidating the buying power of Africa’s inventory-hungry customers is at the heart of our approach to SmartGrowth. Our customers are ambitious business owners who want the best prices and best quality products to satisfy their home market demands.
“Our investors have been pushing us to increase terms and funding limits, which we are excited to do in additional markets. 2019 will see us tripling the number and quality of transactions across our platform. As long as we can match the capital to keep up with demand then we will be in a great place! Currently, we are completely over-subscribed,” said Marvin Cole, Co-Founder and CEO.
Industry insiders well know the award-winning innovator that produced Africa’s’ first “Sharia compliant” ‘TradeTech’ platform.
“Global stakeholders have heard announcements saying that Africa is open for business. But being open to digitization and trade despite current political sentiment is an entirely new opportunity,” said Viola Llewellyn, Co-founder and Global President.
Ovamba is a ground-breaking technology innovator that develops online platforms and mobile apps to help merchants and manufacturers in emerging markets grow. Customers grow when they access and use Ovamba’s combination of short-term funding, logistics, and business tools.
Ovamba raises capital from global investors to fund these businesses. It also uses its technology to solve business and functional literacy challenges to promote financial inclusion. Marvin Cole and Viola Llewellyn founded Ovamba in 2013 and has operations in Cameroon and Ivory Coast.
Ovamba’s Co-Founder & President, Viola Llewellyn, was also featured in LATTICE80’s Top 100 Women in FinTech 2019 list.