GLIF : GLI Finance takes stake in Ovamba Solutions
GLI Finance has announced that it is investing $1.28m to take a 20% stake in Ovamba Solutions, an African peer-to-peer business investment platform.
Ovamba is the first peer-to-business lending platform in francophone Africa, and also one of the first market lending platforms to offer investment opportunities to individuals and institutions in Sub-Saharan Africa. It was established to address two issues: solve the problem of restricted access to affordable credit for the small and medium enterprise sector of Africa; and, connect accredited and institutional investors to viable investment opportunities with good returns.
Ovamba offers investors access to a transparent, secure platform where they can invest in high quality, short term loans made to well-vetted, small and medium sized African businesses that could potentially outperform other investment opportunities. For business owners, Ovamba offers reliable capital to help them build their businesses and contribute to their local economies, often at better rates than those offered by the banks.
Geoff Miller, CEO of GLI Finance, will join Ovamba’s board.
James Carthew, who wrote this news item, is a non-executive director of GLI Finance