As the fintech industry continues to gain traction in Africa, Cameroon is emerging as a hub for innovative financial technology startups.
With its young and tech-savvy population, Cameroon is well-positioned to take advantage of the growing demand for digital financial services in the region.
In this article, we highlight seven fintech startups that are making waves in Cameroon’s financial technology space and are worth keeping an eye on in 2023. From mobile payments to digital lending, these startups are transforming the way Cameroonians access and use financial services, and they are poised to drive financial inclusion and economic growth in the country.
1.) Maviance – Monthly management of a transactional flow of over 12 billion CFA
Maviance, the fintech company founded in 2012 by young Cameroonian engineers in Germany, has grown significantly. In 10 years, the startup specializing in financial services, particularly remittances, has become a reference in Cameroon, with a fundraising of $3 million in 2021.
The company has been recognized for its innovative solutions and was named the Best Fintech Startup in Cameroon at the 2020 edition of the Africa Digital Awards.
With the monthly management of a transactional flow of over 12 billion CFA, the Douala-based fintech is on a promising growth trajectory and its evolution in 2023 will be worth watching.
2.) Diool – Raised $3.5 million in early 2021 to scale its operations
Diool is a fintech startup that has been operating in the Cameroonian startup ecosystem since 2015. The company was co-founded by Philippe Boupda and it specializes in developing payment solutions for businesses making it easier for them to conduct financial transactions.
Diool is among the fintech startups in Cameroon that are driving financial inclusion and innovation in the market. The company has been successful in raising funding which has enabled it to expand its services further. As a result, it has become an increasingly active player in the market and its deployment and growth in 2023 will be interesting to watch.
Diool’s innovative solutions have already earned it recognition in the fintech industry in Cameroon. The startup raised $3.5 million in early 2021 to scale its operations, a testament to the value of the services that Diool provides, and it positions the company for further growth and expansion in the coming years.
Overall, Diool is a promising fintech startup in Cameroon that is helping to drive financial inclusion and innovation in the market. With a successful fundraising campaign and an increasing presence in the market, the company’s deployment and growth in 2023 will be worth following.
3.) Ejara – Raised $8 million in 2022, the highest funding round for a cameroonian startup so far
Ejara is a fintech startup that made headlines in 2022 when it raised a record-breaking $8 million in Series A funding, making it the highest ever funding round for a Cameroonian startup. The fintech’s ambition is to make various investment offers accessible to populations in Francophone Africa, including fractional shares, cryptocurrencies, and more.
The success of Ejara’s fundraising campaign highlights the growing interest in fintech startups in Cameroon and the potential for innovation in the financial sector. Ejara’s mission to democratize access to investment opportunities aligns with the goal of promoting financial inclusion and literacy across the African continent.
As Ejara continues to expand its offerings and services, it will be interesting to follow the company’s progress in the Cameroonian market in 2023. The startup has already made significant strides in providing affordable and accessible investment options, and with the additional funding, it is well-positioned for further growth and expansion.
Moreover, Ejara’s unique approach to investment offers a much-needed alternative to traditional banking methods that often require significant financial resources to participate. By providing access to fractional shares and cryptocurrencies, Ejara is opening up investment opportunities to a wider range of people, including those who may not have had access to these types of financial products before.
4.) Iwomi Technologies – Enables users to make instant and secure remittances from abroad directly into mobile money accounts in Africa
Founded by Collins Fomba, Iwomi Technologies has been very active in the digital transformation of financial services in Cameroon in recent years. It has emerged as a major player in the world of financial inclusion, with both BtoB and BtoC solutions perfectly aligned with the needs of the market.
Iwomi is best known for its Softeller product which allows users to make instant and secure remittances from abroad directly into mobile money accounts in Africa. The product also allows for airtime, top-up, and bill payments, and offers APIs to eCommerce sites and other 3rd-party payment systems.
It will be important to closely follow the progress of this innovative start-up. With a strong commitment to innovation and a clear understanding of the financial landscape in Cameroon, this company has the potential to make a significant impact on the industry and on the lives of everyday Cameroonians.
5.) Cinetpay – Raised $2.4 million to compete in the BtoB payment space
Co-founded by Idriss Marcial Monthe, this pan-African fintech company based in Côte d’Ivoire has experienced a significant expansion in recent years, particularly in several African countries including Cameroon.
With a successful fundraising round of $2.4 million in 2022, CinetPay aims to become a major player in the BtoB payment space. It will be interesting to monitor the company’s progress as it faces competition in the Cameroonian market.
With a strong focus on innovation and a commitment to providing cutting-edge financial solutions, this fintech company has the potential to make a significant impact on the financial landscape in Cameroon and across the African continent.
6.) M2U Money – A product by pan-African bank, UBA, launched in 2022 to democratize payments
The Pan-African bank, UBA, has understood that the present and future of finance in Cameroon and Africa inevitably revolves around fintech and the democratization of payment methods.
In 2022, it launched M2U Money, a mobile solution that offers a set of secure financial services to both banked and unbanked individuals. In 2023, it will be interesting to follow the deployment of this solution on the Cameroonian market.
7.) Suitch – The fintech offers a suite of services including P2P cash transfers, instant loans, mobile POS’s etc.
As a newcomer in an ultra-competitive industry, Suitch is a fintech specialized in developing payment solutions in Cameroon. The start-up, founded by Rosine Danielle EKAMBI SOPPO, has a say in an economy where very few Cameroonians have daily access to financial services.
Suitch is a fintech startup with various offerings for both companies and individuals.
Services include:
- P2P transfers
- Cash in/Cash out
- Physical or virtual cards
- Instant loans
Companies can also benefit from instant payroll lendings, SME’s lendings, gift cards, and mobile point of sales.
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