AppsNmobile, a Ghanaian Fintech startup, has received a $1 million investment from Oasis Capital.
This investment is expected to help appsNmobile establish itself as a prominent player in Ghana’s and the sub-payments region’s market.
A portion of this cash will be used to meet the Bank of Ghana’s regulatory capital requirements as well as offer other business logistics.
AppsNmobile Solutions, which began as a software development company in February 2015, evolved into a financial technology company (Fintech) in 2018 and began processing payments.
Some banks have taken notice of this solution and are currently partnering with appsNmobile to offer it to their customers. The company has created the Agropay platform, a one-of-a-kind solution that allows agribusinesses to securely pay farmers for the exact amount of products delivered.
Oasis Capital is the Fund Manager of the Oasis Africa VC Fund (OAF), a $50 million fund that invests in rising SMEs in Ghana and Côte d’Ivoire.
Oasis invests in entrepreneurial and fast-growing businesses on behalf of OAF’s investors through equity and quasi-equity investments.
The International Finance Corporation (IFC), the Dutch Good Growth Fund (DGGF), the European Investment Bank (EIB), PROPARCO, NorFund, and Ghanaian investors, including local pension funds, are all supporters of OAF.
CEO Richard Bansah noted that the company is committed to distinguishing itself in the payment arena by continuing to produce first-to-market solutions and maintaining its market leadership in terms of innovation.
He sees Oasis Capital’s investment as a strong endorsement of appsNmobile, given the rigorous processes they had to go through.
Read more on Tech Gist Africa: