The United Bank for Africa (UBA) has partnered with Ovamba Solutions Inc., a US-based fintech provider. The partnership is in a bid to provide trade tech solutions for SMEs in Cameroon.
The solution, dubbed ‘Growth-As-A-Service’ is a tech-enabled trade solution designed by Ovamba Solutions Inc. It provides financial solutions to Cameroon-based businesses involved in trade, importation, and manufacturing.
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Founded in 2013, Ovamba officially began operation in Cameroon in 2014. It provides short-term loans to micro, small and medium-sized enterprises to facilitate international trade. Partners and Investors from the US, UK and Japan raises the needed capital. As of mid-2019, Ovamba had provided over $25.4 million to fund 270 small businesses.
UBA will leverage this partnership to better serve its customers in Cameroon. As it will provide loans for customers in the informal sector who do not meet the requirements for accessing credit. The collaboration will offer loans, supply chain & management software, eCommerce, logistics and on-demand warehousing to SMEs involved in large-scale trade.
According to Viola Llewellyn, Co-General Manager of Ovamba, “We created BankPartner Lite for banks like UBA who want to satisfy Central Bank mandates to finance businesses and offer financial inclusion.”
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