Ovamba Solutions, Singularity Finance in deal to offer growth capital SMEs in Egypt

TradeTech innovator, Ovamba Solutions and financial services provider, Singularity Finance, have partnered to deliver financial inclusion and growth capital to small and growing businesses in Egypt. Singularity becomes the first company to sign a Reseller Agreement with Ovamba in the region. The new partnership gives Singularity the rights to sell Ovamba’s digital solutions to banks, microfinance institutions and other alternative providers of trade finance to small and medium enterprises in Egypt.

For enterprises who wish to originate and invest in trade finance transactions independently, there is Pamoja which showcases the same capabilities found in BankPartner and streamlines the work flows for investor and portfolio management, and financing transactions of any kind.

Mohamed Taysir, CEO and co-founder of Singularity said: “With this partnership we at Singularity have been able to expand our financial eco-system offering; by adding a set of bank grade products that are tailored for our part of the world. Even more so we are empowered to start offering this tool to other Banks and MFIs to start rolling out their own platforms; this allows for a true disruption in how we as a country can reach financial inclusion”. He went on to add: “Singularity’s ability to contribute to such an important national directive is enhanced by our partnership with Ovamba which will allow for even more disruption on the pan-African level.”

Viola Llewellyn, the co-founder and President of Ovamba, said: “we are really excited about this partnership. Ovamba has invested significantly in BankPartner, Pamoja and Jasmeera. Embedding Islamic finance elements into our technologies and business systems has proven to be very effective at de-risking small business finance. Egypt is an important market, and Singularity are well positioned to pioneer in an era of business growth for small businesses and digital engagement for Financial Institutions.”

Both Ovamba and Singularity, in responding to the near future outlook, said that they expect to be fully engaging banks and serving businesses from the first quarter of 2021.

Ovamba Solutions is a ‘TradeTech’ innovator of digital and ecosystem solutions for emerging and frontier markets. The company was founded in 2013 by Marvin R. R. Cole and Viola A. Llewellyn. Ovamba launched in Cameroon in 2013 and now has operations and partnerships in Ivory Coast, India, Mauritius and Egypt. Ovamba’s innovations provide enterprises with digital tools to securely serve and finance high risk sectors and businesses whilst driving performance improvement and financial inclusion.

Singularity Finance is a Fintech which aims to be a full financial ecosystem that revolves and prioritizes the users’ needs and wants. Singularity caters to any businesses’ needs, offering account management, payroll, payments, and with the partnership with Ovamba, trade-tech, focusing on giving a personalized procurement experience for SMEs.

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