Ovamba is an African funding and logistics services provider for small and medium enterprises.
Ovamba addresses the funding gap left by the formal banking sector and Micro-Finance Institutions in Cameroon. This gap alienates the majority of Cameroon’s economic machine, SMEs, because business owners are unable to access quick and flexible finance.
Ovamba connects institutional investors with local businesses and delivers capital faster with more favourable terms than its competitors. The application and approval process can be conducted efficiently via a mobile app, minimalizing lengthy bureaucracy.
The platform uses a proprietary algorithm and machine learning to score risk using local, ethnic, qualitative and quantitative market data. Further distinguishing itself from its competitors, Ovamba is the only sharia-compliant platform of its kind in Africa.
Ovamba transactions to date total over €10.5 million disbursed to SMEs. As new investors come onto the platform, the pace of transactions is accelerating. Customers typically operate businesses in consumables, electronics, fast moving goods, non-perishables, spare parts, automotive and logistics; with the average request being approximately €80,000.
For investors, Ovamba’s track record and proprietary due diligence process yields opportunities with strong returns – historically trending at 14% – 18% net of fees – in line with their appetite for risk.