On Thursday, Ghana’s fintech startup Oze announced a successful funding round aimed at enhancing its AI-driven digital lending solutions for microfinance institutions (MFIs) and small and medium-sized enterprises (SMEs) across Africa.
This funding was secured from notable investors, including Visa and the German development finance institution DEG, alongside existing backers like Speedinvest and Africinvest.
Read also: Ghana inaugurates inter-agency data pricing committee to slash telecom cost
Funding to scale digital lending solutions
The recent investment will enable Oze to expand its proprietary Lending Management System (LMS), which utilises machine learning algorithms for credit risk assessment. This system is designed to facilitate unsecured loans to merchants and small businesses.
Meghan McCormick, Oze’s Co-founder and CEO, stated, “This funding will accelerate our mission to empower small businesses across Africa. By scaling our Lending Management System, we can help more financial institutions unlock the potential of SMEs and drive financial inclusion at an unprecedented scale”.
Oze’s LMS not only automates the lending process for banks but also provides SMEs with essential business management tools.
These tools help track sales, expenses, and customer data, allowing Oze to deliver actionable insights and educational resources tailored to the needs of small businesses. The company collaborates with various commercial banks across multiple African countries, including Ghana, Nigeria, and Rwanda, with plans for further expansion.
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Partnerships driving financial inclusion
Visa’s involvement reflects its commitment to fostering innovation in Africa. Fabrice Konan, Visa Ghana’s Country Manager, commented on the partnership, stating, “Oze’s vision aligns perfectly with that mission. Their approach to enabling digital lending for underserved small businesses is transformative”.
DEG’s investment is part of its Up-Scaling Programme aimed at supporting high-impact business models in developing markets.
Dr. Tobias Bidlingmaier from DEG noted that “Oze’s technology has the potential to unlock financial opportunities for millions of small businesses in Africa”.
Oze has also gained recognition in the fintech sector by being selected as a finalist for the Milken Motsepe Prize for Fintech. This accolade recognises its innovative method to enhance capital access for small businesses in emerging markets.
Since launching in 2018, the company has raised $3 million in a pre-Series A round and is significantly growing its user base.
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Whether you’re building a custom home, upgrading your living spaces, or adding a functional ADU, we ensure every project is completed with meticulous attention to detail, quality, and efficiency.
At VCI Builds, your dream project is our mission.
To offer our clients personalized non-medical support
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Our services support the individual’s choices and preferences in order to maintain their dignity and independence.
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Our physicians and staff focus solely on weight loss so we are able to focus on your
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