Three African Financial Startups Launch on Mambu

May 13, 2014

Mambu expands customer footprint in Angola, Kenya and Nigeria

BERLIN, May 13, 2014 /PRNewswire/ –

Mambu, the cloud banking technology provider, has expanded its customer footprint in
Africa, confirming three new customers in Angola, Kenya and Nigeria. All three are new
financial organisations extending access to financial services in underserved markets, and
have chosen Mambu as their core-banking platform to launch their businesses.

http://photos.prnewswire.com/prnh/20130924/642408-a )

In Nigeria, One Credit [http://www.one-cred.com ] was established to provide better
access to consumer credit for individuals who previously had limited access to finance,
offering simple cash loans to individuals as well as partnering with retailers to provide
point-of-sale financing for consumer goods and household appliances.

“Nigeria is the seventh most populous country in the world, yet it remains largely
‘un-banked’ with nearly 80% of the adult population having no access to basic banking
services,” said Chijioke Dozie, chief executive of One Credit. “One Credit’s mission is to
provide short-term and affordable consumer credit to these individuals and Mambu is
helping us to do that, quickly and cost-effectively, by providing a scalable platform that
allows us the flexibility we need to service this significant and growing client base.”

Mambu’s second new customer is also the company’s first in Kenya. A brand new
financial services provider, Premier Kenya Ltd [http://www.premiergroup.co.ke ] currently
offers individual loans and group lending, and plans to progress to small business
lending. Premier Kenya went live on the Mambu platform in January 2014 and is already
servicing more than 1,800 customers. It is also planning to open operations in Uganda by
mid 2014.

Tim Carson, chief executive of Premier Kenya Ltd said, “As a new financial services
business, we needed technology that would be quick to deploy, easy to implement and scale
with us as our business grows. Mambu provided the perfect solution and we were able to get
up and running in less than two weeks, which has been a key factor in helping grow our
business rapidly since launch.”

In Angola, Mao Solidaria Microfinanca is a new microfinance organisation that was
established to serve individuals, groups and small to medium enterprises with loans. Mao
Solidaria Microfinanca is Mambu’s first customer in Angola. The company secured its
microfinance banking licence in April 2014 and will launch on the Mambu platform in May
2014. Its focus is on serving women in remote rural areas, many of whom are currently
excluded both financially and socially.

Eugene Danilkis, co-founder and chief executive of Mambu added: “The challenge of
servicing the underbanked is particularly acute across Africa, where physical distance
makes the ‘bricks and mortar’ approach of traditional banking just too expensive. New
financial innovators, such as One Credit, Premier Kenya and Mao Solidaria Microfinanca,
are turning to cloud technology to deliver previously unavailable financial services, and
are seeing rapid growth as a result. Together with our clients, Mambu has helped extend
access to basic financial services to more than half a million individuals and businesses
in more than 30 countries worldwide.”

About Mambu

Mambu enables any financial institution to deliver state-of-the-art banking through
its software-as-a-service cloud solution. Agile, flexible and open, Mambu eliminates the
complexities typically associated with core banking software, at a fraction of the cost.
Mambu makes it simple and cost-effective to provide essential banking services such as
loans and deposits. Established in 2011, the Berlin-based company works with more than 100
institutions in 28 countries worldwide, servicing a portfolio of more than $100M. Our
clients range from small microfinance organizations to large retail banks and other
financial innovators that are seeking to address the financial needs of the world’s 3
billion individuals and 250 million micro, small and medium enterprises in need of loan,
savings and insurance services. For more information, please visit





Source: PR Newswire

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