Ghanaian fintech startup, appsNmobile has closed a $1 million investment from the Oasis Capital VC fund to scale its e-payments service for businesses in Ghana.
Managed by Oasis Capital, the Oasis Africa VC fund is a $50 million fund invested into early-stage startups in Ghana and Côte d’Ivoire. Oasis Capital is backed by local Ghanaian financiers as well as global investors including the International Finance Corporation (IFC), the European Investment Bank and the Dutch Good Growth Fund (DGGF).
Founded in 2015 by Richard Bansah, appsNmobile provides custom mobile payments services to help micro, small and medium enterprises (MSMEs) digitise the entire collection process.
With its new fundraise, appsNmobile plans to grow its mobile-based virtual point of sale (vPOS) flagship product, a USSD-enabled application that allows SMEs receive payments from customers.
According to CEO Richard Bansah, a portion of the latest financing will also be used to fulfill the Bank of Ghana’s licence capital requirement.
Original Story: Technext