appsNmobile Solutions, a major fintech industry player, has secured a US$1million investment from Oasis Capital that is expected to capitalise the growing fintech, and position it as a dominant player in the payments space of Ghana and the sub-region.
The investment will enable the company to meet Bank of Ghana regulatory capital requirements, as well as provide other needed logistics for the business.
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 which empower merchants and their customers.
Its 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 to 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 company’s growth has been underpinned by strong software development capabilities of the technical team, innovative solutions, good management and good corporate governance.
Oasis Capital is the fund manager of Oasis Africa VC Fund (OAF), a US$50million 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. appsNmobile has 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 as the Innovative and Emerging Fintech partner during MTN’s 10th anniversary of its mobile money business in 2019.
Commenting on the future, 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 is just the beginning of greater things to come.
