Top 7 Fintech Startups to Watch in Cameroon in 2023 – BitcoinKE

by James · March 30, 2023

As the fintech industry continues to gain traction in Africa, Cameroon is emerging as a hub for innovative fintech startups.

With its young and tech-savvy population, Cameroon is well positioned to benefit from the growing demand for digital financial services in the region.

In this article, we highlight seven fintech startups making waves in Cameroon’s fintech space and worth keeping an eye on in 2023. From mobile payments to digital lending, these startups are transforming the way Cameroonians access and use financial services, and they are ready to drive financial inclusion and economic growth in the country.

Table of Contents

1.) Maviance – Monthly management of a transaction flow of over 12 billion CFA

Maviance, the fintech company founded in 2012 by young Cameroonian engineers in Germany, has grown significantly. In 10 years, the start-up specializing in financial services, especially money transfers, has become a reference in Cameroon, with a fundraising of 3 million dollars in 2021.

The company has been recognized for its innovative solutions and was named the best Fintech startup in Cameroon at the 2020 edition of the Africa Digital Awards.

With the monthly management of a transaction flow of over 12 billion CFA, the Douala-based fintech is on a promising growth path and its development in 2023 will be worth watching.

2.) Diool – Raised $3.5 million in early 2021 to scale its business

Diool is a fintech startup operating in the Cameroon startup ecosystem since 2015. The company was co-founded by Philippe Boupda and specializes in developing payment solutions for businesses that make it easier for them to carry out financial transactions.

Diool is among the fintech startups in Cameroon that drive financial inclusion and innovation in the market. The company has been successful in raising funding which has enabled it to further expand its services. As a result, it has become an increasingly active player in the market, and its deployment and growth in 2023 will be interesting to watch.

Diool’s innovative solutions have already gained recognition in the fintech industry in Cameroon. The startup raised $3.5 million in early 2021 to scale the business, a testament to the value of the services Diool provides, and it positions the company for further growth and expansion in the coming years.

Overall, Diool is a promising fintech startup in Cameroon that is helping to drive financial inclusion and innovation in the market. With a successful fundraising campaign and a growing presence in the market, the company’s distribution and growth in 2023 will be worth following.

3.) Ejara – Raised $8 million in 2022, the highest funding round for a Cameroonian startup so far

Ejara is a fintech startup that made headlines in 2022 when it raised a record $8 million in Series A funding, making it the highest funding round ever for a Cameroonian startup. Fintech’s ambition is to make various investment offerings accessible to populations in Francophone Africa, including shares, cryptocurrencies and more.

The success of Ejara’s fundraising campaign highlights the growing interest in fintech startups in Cameroon and the potential for innovation in the financial sector. Ejara’s mission to democratize access to investment opportunities is in line with its goal of promoting financial inclusion and literacy across the African continent.

As Ejara continues to expand its offerings and services, it will be interesting to follow the company’s progress in the Cameroonian market in 2023. The startup has already made significant strides in providing affordable and accessible investment options, and with the additional funding, it’s good – positioned for further growth and expansion.

Moreover, Ejara’s unique approach to investment offers a much-needed alternative to traditional banking methods that often require significant financial resources to participate. By providing access to fractions and cryptocurrencies, Ejara opens up investment opportunities to a wider range of people, including those who may not have had access to these types of financial products before.

4.) Iwomi Technologies – Enables users to make instant and secure transfers from abroad directly to mobile money accounts in Africa

Founded by Collins Fomba, Iwomi Technologies has been very active in the digital transformation of financial services in Cameroon in recent years. It has emerged as a major player in the world of financial inclusion, with both BtoB and BtoC solutions perfectly suited to market needs.

Iwomi is best known for its Softeller product which allows users to make instant and secure transfers from abroad directly to mobile money accounts in Africa. The product also allows for airtime, top-up and bill payments, and offers APIs to e-commerce sites and other third-party payment systems.

It will be important to keep a close eye on the progress of this innovative start-up. With a strong commitment to innovation and a clear understanding of the economic landscape in Cameroon, this company has the potential to make a significant impact on the industry and on the lives of everyday Cameroonians.

5.) Cinetpay – Raised $2.4 million to compete in the BtoB payment space

Co-founded by Idriss Marcial Monthe, this pan-African fintech company based in the Ivory Coast has experienced significant expansion in recent years, particularly in several African countries, including Cameroon.

With a successful fundraising round of $2.4 million in 2022, CinetPay aims to become a major player in the BtoB payment space. It will be interesting to follow the company’s progress as it faces competition in the Cameroonian market.

With a strong focus on innovation and a commitment to providing cutting-edge financial solutions, this fintech company has the potential to make a significant impact on the financial landscape in Cameroon and across the African continent.

6.) M2U Money – A product of pan-African bank, UBA, launched in 2022 to democratize payments

The pan-African bank, UBA, has understood that the present and future of finance in Cameroon and Africa inevitably revolves around fintech and the democratization of payment methods.

In 2022, it launched M2U Money, a mobile solution that offers a set of secure financial services to both banked and unbanked individuals. In 2023, it will be interesting to follow the rollout of this solution on the Cameroonian market.

7.) Suitch – Fintech offers a variety of services including P2P cash transfers, instant loans, mobile POSs, etc.

As a newcomer in an ultra-competitive industry, Suitch is a fintech specialized in developing payment solutions in Cameroon. The start-up, founded by Rosine Danielle EKAMBI SOPPO, has a say in an economy where very few Cameroonians have daily access to financial services.

Suitch is a fintech startup with various offers for both companies and private individuals.

The services include: