Ranked amongst the top 10 most innovative companies in Africa by Fast Company, Ovamba Solutions, Inc. 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 that are attuned to African and emerging market realities. Customers who come to Ovamba are serviced with eCommerce, logistics & flexible warehousing solutions to promote real business growth through business support. In addition, Ovamba’s Natural Language Chatbot is poised to give informal businesses in the trade and commodities sector full access to financial services where language might be a barrier. Ovamba foresees using the chatbot as a means of delivering business coaching.
Since coming out of a successful beta testing phase in 2017, transactions originated have totaled approximately 105 million Euro. Majority of the applications have come via the mobile app, ‘Ovamba Plus’, (available on ‘Google Play’) which allows customers to not only apply for funding, but to also gain control of their business operations, inventory levels and cashflow to truly boost business growth. The combination of capital, logistics and inventory management has led some of Ovamba’s high performing customers to experience growth in excess of 700% in a single year. Having seen the proof of concept and accelerated customer growth, Ovamba has 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,” said Marvin Cole, Co-Founder and CEO. He further added, “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.”
Industry insiders have been well aware of 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 in spite of current political sentiment is an entirely new opportunity”, said Viola Llewellyn, Co-founder and Global President.