We’re excited to announce our latest investment in IWOMI – cutting compliance costs by 10x for African banks!
💡 What they do: Based in Cameroon, IWOMI started by automating regulatory compliance for banks and microfinance institutions, cutting reporting time from 15 days to just 2 and saving them from costly $3M fines.
Today, IWOMI’s platform is much more than compliance—it’s a comprehensive digital banking solution for banks and MFIs. With features spanning core banking, cash management, loan processing, risk monitoring/control and payments, IWOMI enables financial institutions to replace outdated systems with scalable, efficient technology.
🚀 Why we invested: CEO Collins Fomba brings exactly what this market needs – 15+ years of experience implementing the legacy systems IWOMI is replacing. After leading software teams at Sopra Banking and Attijariwafa Bank, he understands intimately how to help banks migrate away from outdated tech.
His deep expertise in both banking software and the Francophone African market is invaluable. With 400+ banks and 30K+ microfinance institutions desperately needing modern compliance tools, IWOMI is perfectly positioned to capture this $1.2B revenue market opportunity.
Join us in welcoming IWOMI to the Baobab Network family! 🌳
