Yaoundé - 21 June 2021 -

Cameroon-based fintech Maviance PLC raises XAF1.6 bln for its CEMAC expansion

Cameroon-based fintech Maviance PLC raises XAF1.6 bln for its CEMAC expansion
  • Comments   -   Tuesday, 11 May 2021 17:34

(Business in Cameroon) - Today May 11, 2021, Cameroon-based fintech Maviance PLC, which owns digital payment platform Smobilpay, announced the closure of its $3 million (close to XAF1.6 billion) seed investment round from MFS Africa, a Pan-African fintech operating the largest digital payments hub on the African continent. Through this investment, MFS Africa has officially become a strategic investor in Maviance PLC. It is also helping fund the Cameroon-based fintech’s CEMAC expansion and local footprint extension.

 “The opportunities within central Africa are huge, and the demand has been massively accelerated in the last 12 months with the advent of COVID-19, as businesses of all sizes adopt digital financial services. Moreover, the shift in the mindset of regulators towards progressive regulations as well as regulatory alignment, enables us to deliver seamless services across multiple geographies and customer segments,” explains Jerry Cheambe, founder of Maviance PLC.

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 payments from MSMEs, social enterprises, and corporates in the region. 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,” comments Dare Okoudjou, founder and CEO of MFS Africa.

Smobilpay, the digital payments platform developed by Maviance, helps businesses improve their sales by encouraging their customers to switch from cash transactions to digital payments. According to its developers, Maviance serves over 500,000 unique customers monthly and connects key service providers, payment providers, financial institutions, and mobile money operators to its digital financial services platform.

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