MFS Africa invests in Cameroon's Maviance

MFS Africa invests in Cameroon's Maviance

Pan-African digital payments hub MFS Africa has made a $3 million investment in Cameroon-based fintech Maviance.

Maviance operates a digital financial services platform, called Smobilpay, designed to help Cameroon's micro, small and medium-sized enterprises, as well as their customers, ditch cash.

The platform serves over 500,000 unique customers a month, and has connected key service providers, payment providers, financial institutions and mobile money operators.

The new funding will be used to increase Maviance's footprint in Cameroon and to expand into other countries in the central African economic region.

Jerry Cheambe, founder, Maviance, says:: "The opportunities within central Africa are huge, and the demand has been massively accelerated in the last 12 months with the advent of Covid-19 as businesses of all sizes adopt digital financial services.

"Moreover, the shift in the mindset of regulators towards progressive regulations as well as regulatory alignment, enable us to deliver seamless services across multiple geographies and customer segments."

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