Inoxico looks to boost African footprint

Armed with a €500 000 (R8.9 million) cash injection it recently received from DEG – one of the largest European development finance institutions – South African credit bureau and software firm Inoxico is looking to increase its footprint on the African front.
DEG finances investments of small and medium enterprises that intend to scale up innovative business models with high developmental impact.
The cash injection came as an interest-free loan, and Paul Ammer, Inoxico's spokesperson, says the loan was approved based on a mix of criteria.
"Most importantly, DEG requires Inoxico to demonstrate a positive developmental impact on its socio-political environment of Sub-Sahara, and hence a part of the financing is tied to an expansion into another African country," Ammer says.
Inoxico is looking to boost its marketing, technology and data sourcing capabilities in SA and is expanding its footprint on the continent, he adds.

"As the economic outlook for Africa in general and for South Africa in particular dampens, we are seeing a higher incidence of fraud, waste and abuse as debtors and suppliers try to cut corners. In this environment, investing in solid governance procedures and data to monitor risks serves to protect the bottom line," Ammer points out.
"Our philosophy remains to build our market share consistently and organically from our existing client base. That said, we will be sharing more insights into current topics, trends and best practices to educate the market and show our thought leadership in the sphere of counterparty risk management in Africa."
"As one of Europe's largest development finance institutions, we promote private entrepreneurs and businesses to contribute to sustainable economic growth and improved living conditions. We see Inoxico as a great opportunity to promote an exciting business whilst having a positive impact on the commercial corporate governance environment and transparency in Africa," says Thomas Koch, director of strategic projects at DEG.
Andre Stürmer, CEO of Inoxico, says: "The support of DEG allows us to fast-track our Africa expansion – further enabling clients to reduce fraud, waste and abuse in their supply chains across the continent. We are greatly looking forward to a successful cooperation in 2016 and beyond."