Ghana-based fintech startup, has secured a US$1 million investment from Oasis Africa VC Fund to help in establishing itself as a prominent player in Ghana’s and the sub-payments region’s market.
A portion of the funding will also be used to fulfill the Bank of Ghana’s regulatory capital requirement as well as supply other business necessities.
Oasis Capital’s investment, according to CEO Richard Bansah, is a significant endorsement of appsNmobile, given the rigorous processes they went through.
Oasis Capital is the Fund Manager of the Oasis Africa VC Fund (OAF), a US$50 million fund that invests in rising SMEs in Ghana and Côte d’Ivoire. Oasis invests in entrepreneurial and fast-growing enterprises 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.
Investment in the startup came at a time the fintech ecosystem in Ghana is gaining momemtum. There aren’t many licensed fintech startups in Ghana compared to Nigeria.
AppsNmobile Solutions, which began as a software development firm in February 2015, evolved into a financial technology firm (Fintech) in 2018 and began processing payments.
The Company began as a modest home-garage office and persevered through the difficult early years that most Ghanaian startups fail to overcome.
The startup’s VPOS product, a first in the market, is a USSD solution that allows organizations such as schools, churches, pharmacies, OMCs, and enterprises from various sectors of the economy to accept payments using multiple menus tailored to their specific industries.
Some banks have already taken notice of the solution and are presently cooperating 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 supplied.
The technical team’s excellent software development capabilities, creative solutions, competent management, and sound corporate governance have all contributed to the company’s success.
Many young Ghanaians are inspired by the narrative of appsNmobile Solutions. To get the company this far, the founders had to show tenacity, perseverance, devotion, and sacrifice.
They have proved that startups in Ghana can raise financing. Today, the company is a major provider of new financial technology solutions, a feat which prompted telecoms giant MTN to award it the Innovative and Emerging Fintech partner during MTN’s 10th anniversary of its mobile money business in 2019.