Maviance PLC, the Cameroon-based fintech that owns the digital payment platform Smobilpay, has raised $3 million (XAR 1.6 billion) seed investment from pan-African fintech MFS Africa, which runs the largest digital payment hub across Africa.
The new investment round has made MFS Africa a strategic investor in Maviance PLC, with a further commitment to fund Maviance PLC as it expands its local footprint while extending the company’s footprint as a cross-border payments platform in the CEMAC region.
Smobilpay is a digital payments platform that helps businesses improve their sales by encouraging customers to switch from transactions through cash to digital payments. According to Maviance, Smobilpay serves over half a million unique monthly customers while connecting key service providers, financial institutions, payment providers, and mobile money operators on its digital financial services platform.
Founder at Maviance PLC, Jerry Cheambe describes the opportunities within Central Africa as huge pointing out how the demand has “massively accelerated in the last 12 months with the advent of Covid-19.”
Dare Okoudjou (founder and CEO, MFS Africa) described Maviance as a “key infrastructure provider with its set of highly relevant products.” He further described partnering with the company as a way MFS Africa could broaden and deepen its reach across Africa.
Source article from Business in Cameroon