In what may be considered a “first of its kind” in the Cameroon banking sector, The United Bank for Africa (UBA) has entered into a collaborative agreement with award winning FinTech innovator, Ovamba Solutions, Inc. to support their business customers with “Growth-As-A-Service™”.
“Growth-As-A-Service™” is Ovamba’s flag ship TradeTech innovation specially created for businesses involved in trade, importation and manufacturing. The suite of technology and business services that Ovamba will provide to the bank’s customers combines capital, supply chain & management software, eCommerce, logistics and on-Demand warehousing.
Ovamba’s co-general manager Viola Llewellyn says its innovation is “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”.
“UBA has shown vision and leadership ahead of many banks who are still trying to figure out how to engage FinTech innovations to retain customers and grow a healthy loan portfolio”, said Marvin Cole, Co-General Manager of Ovamba. He further added, “Change is a difficult thing to navigate within banking circles. We congratulate UBA for their commitment to their customers who we look forward to supporting with real growth and success”.
Dominique Mahend, UBA Cameroon MD/CEO praised this innovative solution. “Thanks to 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. BankPartner Lite™ is welcome at a time when the informal sector is poised to play an important role in the Cameroon economy.”
Ovamba expects to start funding UBAs customers within the next few weeks.
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