United Bank for AfricaUnited Bank for Africa (UBA) has joined hands with US-based FinTech firm Ovamba Solutions Inc. to use its solutions for better serving its customers and boosting Cameroonian business.

As a part of the deal, UBA will be using Ovamba’s “Growth-As-A-Service”, a TradeTech solution created for businesses involved in trade, imports, and manufacturing. The suite of technology and business services that Ovamba offers combines capital, supply chain & management software, eCommerce, logistics and on-Demand warehousing.

“We created BankPartner Lite for banks like UBA who want to satisfy Central Bank mandates to finance businesses and offer financial inclusion; whilst trying to simultaneously manage performance risk and loan defaults’, said Viola Llewellyn, Co-General Manager of Ovamba.

“…this will help UBA, better serve businesses in the informal sector who need financing but do not meet the conditions set for credit by banks,” Dominique Mahend, MD, CEO, UBA Cameroon commented.

UBA will use BankPartner Lite to identify eligible customers who failed to qualify for loans in the past. These customers will be supported by Ovamba’s alternative approach to funding and growth on behalf of UBA via Ovamba’s mobile app, Ovamba Plus, according to a statement.

Ovamba is expected to start funding UBA’s customers within the next few weeks.

Ovamba is an African TradeTech company that creates technologies to serve formal and informal African businesses in the trade and manufacturing sectors. Ovamba’s solutions combine innovative shariah-compliant structures with eCommerce, logistics services, and technology to drive financial inclusion and promote growth. Ovamba was founded in the USA in 2013 and has operations in Cameroon and Ivory Coast.

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by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence
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