Finafrik Ltd, a private company based in London that specializes in the development of commercial software, has become a shareholder of Maviance PLC, a Cameroonian fintech that controls the digital payments platform Smobilpay, according to a press release. Maviance’s capital has increased to 1.15 billion FCFA ($1.9m) as a result of this activity, an increase of just over 140 million FCFA. Finafrik currently owns 12.2 percent of the company’s capital, thanks to the latest investment.
In May 2021, Maviance PLC successfully closed a fundraising of 3 million dollars (about 1.6 billion FCFA) from MFS Africa, a pan-African fintech operating the largest digital payments hub on the African continent. Having become a “ strategic investor “ of Maviance, MFS Africa thus enables this Cameroonian fintech to be able to finance its expansion in other countries of the CEMAC zone (Cameroon, Congo, Gabon, CAR, Chad and Equatorial Guinea) and to increase its footprint. in Cameroon.
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According to its promoters, “Maviance serves more than 500,000 unique customers per month” and connects key service providers, payment service providers, financial institutions and mobile money operators to its digital financial services platform.
Since January 2021, Nkwenti Leslie Azong-Wara holds the position of General Manager. This engineer, who worked for Siemens A.G., replaces Njinyam Setven Ngwa. He has a three-year term.
Maviance Finafrik Maviance Finafrik
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer