Ovamba-founders- Pic: Afro hustlers
September 16th, 2019, Douala Cameroon – In what may be considered a “first of its kind” in the Cameroon banking sector, The United Bank for Africa (UBA) has entered into a collaborative agreement with award winning FinTech innovator, Ovamba Solutions, Inc. to support their business customers with “Growth-As-A-Service™”.
“Growth-As-A-Service™” is Ovamba’s flag ship TradeTech innovation specially created for businesses involved in trade, importation and manufacturing. The suite of technology and business services that Ovamba will provide to the bank’s customers combines capital, supply chain & management software, eCommerce, logistics and on-Demand warehousing.
Ovamba’s Management team have long understood the challenges that banks face when evaluating the risks involved in lending to businesses, especially those in the informal sector. “We created BankPartner Lite™ 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’, said Viola Llewellyn, Co-General Manager of Ovamba.
“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”, said Marvin Cole, Co-General Manager of Ovamba. He further added, “Change is a difficult thing to navigate within banking circles. We congratulate UBA for their commitment to their customers who we look forward to supporting with real growth and success”.
Dominique Mahend, UBA Cameroon MD/CEO praised this innovative solution. “Thanks to Ovamba this will help UBA, better serve businesses in the informal sector who need financing but do not meet the conditions set for credit by banks. BankPartner Lite™ is welcome at a time when the informal sector is poised to play an important role in the Cameroon economy.”
UBA will use BankPartner Lite™ to identify eligible customers who may have failed to qualify for loans in the past. These customers will be supported with Ovamba’s unique alternative approach to funding and growth on behalf of UBA via Ovamba’s mobile app, Ovamba Plus™ (downloadable from Google). Ovamba expects to start funding UBAs customers within the next few weeks.
About Ovamba: Ovamba is an award winning African “TradeTech” company that creates culturally attuned technologies to serve formal and informal African businesses in the trade & manufacturing sectors. Ovamba’s solutions combine innovative Sharyia compliant structures with eCommerce, logistics services, and technology to drive financial inclusion and promote growth. Ovamba was founded in the USA in 2013 and has operations in Cameroon and Ivory Coast. (www.ovamba.com).
About UBA Cameroon: UBA Cameroon began operations December 18th, 2007 with a single branch. In 2011, the Bank moved from 13th to 9th position in terms of deposits and other performance indicators amongst competitors. The Bank has won customer service awards in 2011 and 2012. Over the last 10 years, operations in Cameroon has seen customer base exceed 100,000, and has grown to 16 branches and 3 payment centers. UBA is currently 6th in the Country. (www.UBACameroon.com).
For More Information about Growth-As-A-Service go to: https://www.youtube.com/watch?v=Q0kbDe5yW6k
Qatar Airways to launch new route to Lusaka and Harare from August
Qatar Airways (Image: YouTube)
Qatar, DOHA – Zambia and Zimbabwe are being added to Qatar Airways expanding list of destinations in Africa from early August, bringing its award-winning service to two important southern African destinations.
The new service to Lusaka and onwards to Harare is scheduled to be operated with a Boeing 787 Dreamliner. It will connect passengers in Zambia and Zimbabwe with Qatar Airways’ global network of more than 140 destinations. With the addition of these two new routes the carrier will operate over 100 weekly flights to 27 destinations in Africa.
Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker said: “Africa continues to be an area of strong growth for Qatar Airways and launching this service will support the development of the economy and tourism sector in both countries.
“Not only do we continue to rebuild our network after the pandemic, but we are actively expanding it with the addition of these two key destinations. These are the fifth and sixth new destinations in Africa added to our network since the start of the pandemic, taking our total new destinations added across the globe to 10.”
The launch of Lusaka and Harare also supports increased demand for trade between Zambia and Zimbabwe and destinations on the Qatar Airways network such as London, Frankfurt and New York and from multiple points in China. With a total of 30 tonnes of cargo capacity on the aircraft per flight, Qatar Airways Cargo will play a key role in facilitating key exports from Zambia and Zimbabwe.
As travellers return to the skies with Qatar Airways, they can take comfort knowing that they are travelling with the only airline in the world that has, together with its state-of-the-art global hub Hamad International Airport, achieved four 5-Star Skytrax ratings – including the prestigious 5-Star Airline Rating, 5-Star Airport Rating, 5-Star COVID-19 Airline Safety Rating and 5-Star COVID-19 Airport Safety Rating.
These achievements highlight Qatar Airways’ commitment to providing our passengers with an industry-leading experience at every point of their journey, including the highest possible level of health and safety standards that safeguard the wellbeing of our passengers both on the ground and in the air. For full details of all the measures that have been implemented onboard and in HIA, please visit www.qatarairways.com/safety.
A multiple award-winning airline, Qatar Airways was named ‘World’s Best Airline’ by the 2019 World Airline Awards, managed by the international air transport rating organisation Skytrax. It was also named ‘Best Airline in the Middle East’, ‘World’s Best Business Class’, and ‘Best Business Class Seat’, in recognition of its ground-breaking Business Class experience, Qsuite. Qsuite is available on flights to more than 40 destinations including Casablanca, New York, Paris and Singapore.
Flight schedule starting 6 August:
Wednesday, Friday and Sunday
Doha (DOH) to Lusaka (LUN) QR1455 departs: 02:20 arrives: 08:50
Lusaka (LUN) to Harare (HRE) QR1455 departs: 10:20 arrives: 11:20
Harare (HRE) to Lusaka (LUN) QR1456 departs: 18:55 arrives 19:55
Lusaka (LUN) to Doha (DOH) QR1456 departs: 21:25 arrive 05:55 (+1)
Fatura secures a $3 Million pre-series A investment round
Fatura co-Founders (Source: Hossam Ali)
Fatura round was co-led by Sawari Ventures and Arzan VC, with the participation of Egypt Ventures, EFG-EV, The Cairo Angels as well as Khwarizmi Ventures. The B2B marketplace was launched late 2019 and already crossed the 1 Billion EGP yearly GMV milestone, and that’s just in the FMCG sector. Fatura is a mobile application that connects wholesalers & manufacturers with retailers in different industries. The start-up has been operating in the FMCG industry and it is currently piloting in other industries.
During the past year the start-up also extended its reach to more than 25,000 retailers and more than 500 wholesalers and manufacturers across 20 governorates, exchanging more than 10,000 SKUs. Fatura also cracked the surface of financial services by introducing digital lending with focus on retailers financing, aiming to add more services in that area in the near future.
“Fatura’s existing infrastructure has enabled them to expand their offerings to new customers,” commented Hany Al-Sonbaty, Managing Partners at Sawari Ventures, adding that, “the team has demonstrated that they have the vision to identify new opportunities and the prowess and agility to implement and deliver. We are excited to become part of their journey.”
Hossam Ali, Fatura’s CEO, commented on the news saying: “There is a great opportunity in the B2B space in Egypt, that is growing as the players are becoming digitally mature and ready. Collectively, the digital B2B players in the FMCG space capture less than 5% of the market and there is a long way to go. Our conviction is to stay asset-light, be inclusive to all the industry stakeholders and to attract the best on-ground acquisition force across the country”
Fatura has built a strong foundation and infrastructure that enables it to monetize its data and services. The company’s future plans include new services that support the different players in its ecosystem including manufacturers, wholesalers and retailers, multiple digitization initiatives with focus on digital payments and regional expansion into new markets.
“Being part of Fatura’s success story is exciting for us. The FMCG industry is in need of Fatura’s product, which will solve many challenges faced by small retailers. Also, its fintech angle complements the core product and enables retailers to scale their business further with less working capital constraints.” – Hasan J. Zainal, Managing Partner of Arzan Venture Capital
This investment will gear Fatura to extend its services beyond e-commerce and digital lending to optimize the exchange of goods, money and information in the B2B context while focusing on convenience and the different users’ experience.
Business Africa Online, InnoPower and Afrigrants to Host some of the best African, USA Innovators and Investors
Business Africa Online, InnoPower, LLC (USA) and Afrigrants Foundation are set to Host some of the best Innovators, Investors, Business Consultants and Industry Experts in the world at the Going Global Summit with the theme, “Africa: The Next Global Frontier”. The summit is a part of InnoPower Minority Business Week (IMBW) hosted by Innopower, LLC (USA) scheduled to hold from Monday, June 14 to Friday, June 18, 2021 and currently ongoing.
The Going Global Initiative intends to boost a stronger pipeline of awareness, access to Africa’s talent and solutions with these focus areas; Entrepreneurship, Connection and Advocacy. The InnoPower Going Global Summit 2021 is a digital summit and intends to connect Africa to the global economy, starting with the USA. It will attract global business leaders, entrepreneurs, investors, decision and policy makers around the world, especially from Africa and the United States of America (U.S.A). The Summit will feature panel sessions, virtual pitch, awards and networking.
Panel Discussion Topics will cover:
- Positioning African entrepreneurs for global exposure and impact.
- Raising Global Capital: Understanding the Why, When and How.
- Post COVID-19: Exploring US-Africa Investment Opportunities.
Esteemed Guests include:
- Dr. Akintoye Akindele (Nigeria) – Executive Chairman, Platform Capital
- Lawrence Walter (USA) – Vice President, Entrepreneurship at IEDC
- Ayodeji Balogun (Nigeria)– Founder and CEO of Premier Credit
- Lydia Idem (USA) – Founder & Managing Director of FM Capital Group
- Adesuwa Okunbo Rhodes (Nigeria) – Founding Partner & CEO, Aruwa Capital Management
- Nike Anani (Nigeria) – Founder, Nike Anani Practice Ltd
- Ali Hussein Kassim (Kenya) – Tech Executive and Advisor
- Mohamed Aboulnaga (Egypt) – Tech Entrepreneur
- Shila Nieves Burney (USA) – Founder, Zane Venture Fund & Zane Access
- Segun Abiona (Nigeria) – Founder & Innovation Director, Nicole & Giovanni
- Manisha Dookhony (Mauritius) – Economist & Senior Advisor
- Sherif Nessim (Egypt) – Founder & Managing Director, Jedar Capital
- Linda Wayoe (Ghana) – Director, AM Group & Board Member UK-Ghana Chamber of Commerce
- Mariam Kamel (Egypt) – Manager, AUC Angels
- Horesia Nyawade (South Africa) – CIO & Co-Founder, Vuuqa
- Muhammida El Muhajir (Ghana) – Global Brand Strategist
Conceptualised by Afrigrants Foundation, Pitch School Africa is an annual youth entrepreneurship event that trains young entrepreneurs on how to pitch their business ideas to potential investors. Over 200 students across Africa participated in the Pitch School Africa 2021 stream, which has now been narrowed down to just 4 BIG ideas that will be featured at the Grand Finale. The 4 Finalists that will pitch their business ideas at the 2021 InnoPower Going Global are; Gualo Confidence (Nigeria) – Gualocian fish processing, Budani Bulayani (Botswana) – Budzi Products, Favour Adeleke (Nigeria) – Qiqi Farms and Oluwatomilola Mustapha (Nigeria) – Raytreat.
The Pitch Jury are;
- Ronda Taylor, PhD Department Chair Entrepreneur Program, Ivy Tech Community College-Central Indiana.
- Dr. Kristin Burton Asst. Professor, Entrepreneurship, College of Business, Purdue University.
- Joe Albano, Principal Logika International LLC.
The winner will be awarded the grand prize of $5000 with a one year mentorship from the finest business developers across the world.
Over the past 12 months, businesses have faced remarkable challenges due to global economic meltdown and the COVID-19 pandemic crisis. Many ventures were forced to shut their doors through legislation and other circumstances. Some managed to survive by thinking out of the box and adapting to the changing and dire times. Business Africa Online (BAO) with the support of InnoPower, LLC (USA) will be recognising and awarding three (3) African resilient startups that have pulled out all the steps to grow back better through the pandemic in Africa. The awardees will get a support grant of $500 each with an acceleration program led by global business developers.
“Our strategic partnership with InnoPower, LLC (USA) is to support and further drive its Going Global Initiatives here in Africa. Also to reaffirm our commitment to connect African entrepreneurs and businesses with US-based investors. We are inspired and motivated everyday by the incredible African (Social) entrepreneurs and investors within our community and their desire to impact the world positively.” says Alaba Ayinuola, Founder & CEO of Business Africa Online
To register for this virtual summit, please visit bit.ly/InnoPowerGoingGlobal2021