Oasis Capital, a fund manager of Oasis Africa VC Fund (OAF) has invested an amount of US$1 million in appsNmobile Solutions, a financial technology company in Ghana.
The investment is to enable appsNmobile to position itself as a dominant player in the payments space in Ghana and the sub-region.
A statement from appsNmobile explained that part of the capital will also enable it to meet the Bank of Ghana’s regulatory capital requirement as well as provide other needed logistics for the business.
Below is the full statement announcing the investment package:
Established in February 2015, with software development as its core business, appsNmobile Solutions transitioned into a financial technology company (Fintech) and started processing payments in 2018.
From a small home-garage office, the Company survived the challenging early years that most start-ups in Ghana are not able to circumvent. At appsNmobile, the approach to payment solutions is to challenge the status quo by delivering solutions that empower merchants and their customers. Their VPOS product, an industry first, is a USSD solution that enables organisations such as schools, churches, pharmacies, OMCs and businesses across all sectors of the economy receive payments, with different menus customised to suit their respective sectors. This solution has caught the attention and interest of some banks that are currently partnering appsNmobile to provide this to their clients. The Company also developed the Agropay platform, a unique solution that enables agribusinesses to make payments to farmers securely in return for the exact amount of produce delivered.
The growth of the Company has been underpinned by strong software development capabilities of the technical team, innovative solutions, good management and good corporate governance.
These traits often disregarded by many start-ups came out strongly during the due diligence by Oasis, and culminated in a US$1 million investment in appsNmobile Solutions by Oasis Africa VC Fund.
This investment is expected to capitalise appsNmobile to position it as a dominant player in the payments space in Ghana and the sub-region.
Part of this capital will also enable the Company meet the Bank of Ghana’s regulatory capital requirement as well as provide other needed logistics for the business.
Oasis Capital is the Fund Manager of Oasis Africa VC Fund (OAF), a US$50 million Fund investing equity capital in growing SMEs across Ghana and Cote d’Ivoire. Oasis deploys capital on behalf of OAF’s investors through equity and quasi-equity investments in entrepreneurial and fast-growing businesses. OAF is backed by the International Finance Corporation (IFC), the Dutch Good Growth Fund (DGGF), the European Investment Bank (EIB), PROPARCO, NorFund as well as Ghanaian investors including local pension funds.
The story of appsNmobile Solutions is an inspiration to many young Ghanaians. It has taken resilience, relentlessness, commitment and sacrifice by the founders to bring the Company this far. They have demonstrated that it is possible for start-ups to raise capital in Ghana.
Today, the Company is a leading provider of innovative financial technology solutions as was made manifest when MTN awarded it the Innovative and Emerging Fintech partner during MTN’s 10th anniversary of its mobile money business in 2019. Commenting on the future, the CEO, Richard Bansah stated that the Company is determined to set itself apart in the payment space by continuing to deliver first-to-market solutions and also maintain its market leadership when it comes to innovation. He believes the investment by Oasis Capital is a strong endorsement of appsNmobile, considering the stringent processes they were taken through. He concluded by saying this was just the beginning of greater things to come.