Cameroon’s Maviance to Digitize Payments Across Central Africa With $3 Million Funding

Digital finance provider, Maviance, has raised $3 million to extend its services across Central Africa. The Cameroon-based company provides local, cross-border, and mobile payment solutions.

Per recent reports, the $3 million investment was solely from MFS Africa, an African fintech company that connects mobile money systems to banks and other financial institutions.

According to its website, MFS Africa connects 200 million mobile money recipients, across major African networks.

Apparently, Maviance will use its funding to extend its flagship platform, Smobilpay, across Cameroon and into Gabon and Congo.

Smobilpay is a payment solutions platform connected to a network of third-party collector companies such as banks.

MFS Africa acquired Beyonic, a Tanzania-based digital payments service provider, last year. According to a blog post by Beyonic Founder and Chairman, Luke Kyohere, “Through this partnership, we will provide our customers with an impressive new set of capabilities and extend cross-border digital payments to SMEs throughout Africa.”

With Maviance as another addition to MFS Africa’s partnership, the company could slowly dominate digital finance in Africa. Keep your eyes peeled for more.

Tech Point