Maviance, a digital finance company, has raised $3 million to expand its services to Central Africa. The Cameroonian firm specializes in local, cross-border, and mobile payment services.
According to recent reports, MFS Africa, an African fintech firm that links mobile money networks to banks and other financial institutions, made the $3 million investment.
MFS Africa connects 200 million mobile money users through major African networks, according to its website.
Maviance plans to use the funds to expand its flagship platform, Smobilpay, throughout Cameroon, Gabon, and Congo.
Smobilpay is a payment solutions service that connects to a network of third-party providers like 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.”
MFS Africa’s relationship with Maviance could help the company gradually dominate digital finance in Africa. Keep an eye out for more.