United Bank of Africa partners with fintech Ovamba Solutions
The ‘first of a kind’ partnership will deliver Ovamba’s ‘Growth-as-a-Service’ product to trade, importation and manufacturing businesses across Cameroon who uses UBA.
Services will include capital, supply chain and management software, as well as e-commerce, 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”.
The fintech expects to be serving UBA’s customers within the next few weeks, helping them to identify eligible customers who may have failed to qualify for loans in the past.
“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,” says Ovamba’s co-general manager Marvin Cole.
Despite change being a difficult thing to navigate within the banking circles, Cole praises UBA for having the courage to lead the innovation movement between banks and fintechs.
The new solution will “better serve businesses in the informal sector who need financing but do not meet the conditions set for credit by banks,” says UBA’s Cameroon MB Dominique Mahend, who welcomes Ovamba and its important role in the Cameroon economy.