Ghanaian fintech startup Oze, which provides digital recordkeeping tools with embedded finance products to MSMEs, has released an impact report that claims it delivers 36x impact on capital deployed.
Launched in beta in 2018, Oze is a mobile app that helps small businesses record their sales, expenses, payables, and receivables. The platform then aggregates that data to provide context specific recommendations and reports. Using this data and machine learning, the startup predicts a business’ credit risk and provides it with affordable capital from its banking partners.
The startup, which recently secured an undisclosed amount of funding from investors including Visa and DEG to help it scale its lending management solution, has now released an impact report in partnership with AfricInvest and Bridgespan, which applied the Multiple of Impact framework to evaluate Oze’s model.
The results suggest Oze delivers US$36 in impact for every US$1 invested, with nearly US$1 million in loans disbursed and facilitated directly through the platform. The shift from predatory 21 per cent monthly interest rates to as low as three per cent has resulted in US$102 million in saved interest for small business owners, and a total value generation of US$489M for the ecosystem.
“Oze sits perfectly at the intersection of doing good and doing well. Our technology has positioned us to strike that balance, offering real social impact while driving financial success. By providing businesses with digital tools to manage finances and access affordable loans, we’re addressing critical barriers to financial inclusion,” Oze said in a statement.
“At the same time, our approach delivers strong financial returns, as evidenced by the 36x impact multiplier for every dollar invested. This balance of purpose and profitability is what makes Oze unique, demonstrating that with the right innovation, it’s possible to both uplift communities and generate substantial economic value.”
