US$193,780,000+
*Data updated daily at 18:00 EAT
Pan-African early-stage accelerator Baobab Network has made an undisclosed investment in IWOMI, a Cameroon-based fintech company transforming the African banking sector. Founded in 2015, IWOMI began by automating regulatory compliance for banks and microfinance institutions (MFIs), significantly reducing reporting time from 15 days to just two while saving institutions from potential USD 3 M fines.
Today, IWOMI’s platform has evolved into a comprehensive digital banking solution that covers core banking, cash management, loan processing, risk monitoring/control, and payments. It enables financial institutions to replace outdated systems with scalable, efficient technology, driving both cost reduction and enhanced operational efficiency.
Baobab Network’s investment is driven by the expertise of IWOMI’s CEO, Collins Fomba, who brings over 15 years of experience in banking software implementation. Having led software teams at Sopra Banking and Attijariwafa Bank, Fomba has helped banks to transition from legacy systems to modern, effective technology.
With over 400 banks and 30,000 microfinance institutions across Africa in need of these tools, IWOMI is well-positioned to capture a USD 1.2 B revenue opportunity in this rapidly growing market.