Finafrik acquires minority stake in Cameroonian fintech Maviance

By : S.A.

Date : lundi, 21 février 2022 13:47

Last updated : lundi, 28 février 2022 03:31

The fintech Maviance raises a new round of funding, less than a year after the last one, to pursue its expansion strategy. According to a Feb. 18 legal announcement, Finafrik Ltd, a private company based in London and specialized in the development of commercial software, has become a shareholder of Cameroonian fintech Maviance PLC. The latter is the owner of the digital payment platform Smobilpay.

Through this operation, the capital of Mavaince increases to CFA1.15 billion, up a little more than CFA140 million. This makes Finafrik a holder of 12.2% of the company's capital.

In May 2021, Maviance PLC had successfully closed a $3 million (about CFA1.6 billion) fundraising round with MFS Africa, a pan-African fintech operating the largest digital payments hub on the African continent. MFS Africa has become a "strategic investor" in Maviance, enabling it to finance its expansion across Cameroon and enter new Cemac markets.

Maviance claims it serves over 500,000 customers per month and connects key service providers, payment providers, financial institutions, and mobile money operators to its digital financial services platform.

Since January 2021, Nkwenti Leslie Azong-Wara has been serving as CEO for a three-year term. The engineer, who has a background in Siemens A.G., replaces Njinyam Setven Ngwa.



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