Accra-based Oasis Capital has made an investment in a Ghanaian financial technology startup that first started processing payments in 2018. The $1 million investment in appsNmobile is being made via Oasis’s $50 million Africa VC Fund, which was motivated by the strong software development capabilities of the startup’s technical team, its innovative solutions as well as strong management and solid corporate governance framework. No additional terms of the deal were disclosed.
appsNmobile will use the capital to establish itself as the dominant firm in Ghana’s payment space. Additionally, part of the capital will be allocated to the firm’s balance sheet to meet thresholds laid out by the Bank of Ghana’s regulatory capital requirements.
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