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Float Is Providing Capital To Small & Medium Sized Businesses In Africa

Float, a start-up company with offices in Nigeria and San Francisco, is here to solve the problems that many African companies say they have with cash flow. According to TechCrunch, 85% of African SMBs have zero access to financing, which creates issues in the supply chain. Jesse Ghansah and his co-founder Barima Effah founded Float — originally named Swipe — 18 months ago with the hopes of closing the gaps in the funding. ” Cash flow [is] the number one problem that [businesses] face,” said co-founder and CEO Jesse Ghansah to TechCrunch. “Because you’re waiting for your revenue to come in, they sometimes fall behind in meeting certain expense payments like payroll, inventory, utilities. That’s what really causes a lot of these cash flow issues, and because of that, businesses can’t grow.” For Float, solving cash flow problems involves providing the users with credit when they need it, and working capital when possible. The founders say that this approach to extending credit and...

United Bank For Africa Partners With FinTech Ovamba Solutions

United Bank for Africa (UBA) has collaborated with the award-winning U.S. -based FinTech powerhouse Ovamba Solutions Inc. to provide modern solutions to Cameroon’s small and medium-sized business customers. UBA has engaged with Ovamba’s flagship innovation, “Growth-As-A-Service,” a TradeTech solution designed for businesses involved in trade, imports, and manufacturing. Ovamba — founded in 2013 — began operations in Cameroon in 2014 and focuses on making business growth simpler. “Ovamba provides short-term capital to micro, small and medium-sized businesses in Africa, emerging markets and the GCC for trade, inventory purchases and growth. The capital is provided by International investors from the US, U.K. and Japan,” according to their website. They were inspired by how the under-developed business ecosystem was exacerbating the problem of access to capital. Ovamba’s technology aims to give creative freedom of innovation to markets and demographics previously restricted by...

Colleen Williams

Sep 27, 2019