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Egypt’s Qardy Teams Up With Sandah to Give MSMEs Access to Finance

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Egypt's Qardy Teams Up With Sandah to Give MSMEs Access to Finance

Egyptian fintech startup Qardy has announced a strategic partnership with microfinance company Sandah to provide micro, small, and medium enterprises (MSMEs) with greater access to financing.
 
 
 
 

The partnership aims to bridge the financial gap in the MSME sector in Egypt by offering a range of products and services tailored to their various needs.

Qardy is an online lending marketplace that connects MSMEs with lenders, while Sandah is a for-profit microfinance company that provides loans to small businesses.

The partnership between Qardy and Sandah is expected to benefit a large number of MSMEs in Egypt.

MSMEs account for over 90% of the country’s private sector employment and contribute significantly to the economy.

However, many MSMEs struggle to access financing from traditional banks and other financial institutions.

The Qardy-Sandah partnership is expected to make it easier and faster for MSMEs to get the loans they need to grow their businesses.

Benefits of the partnership for MSMEs:

The partnership between Qardy and Sandah is expected to offer a number of benefits to MSMEs in Egypt, including:

Increased access to financing: The partnership will make it easier and faster for MSMEs to get the loans they need to grow their businesses.


A wider range of financial products and services: The partnership will offer MSMEs a wider range of financial products and services tailored to their specific needs.


More competitive interest rates: The partnership is expected to lead to more competitive interest rates on loans for MSMEs.


Improved customer service: The partnership will provide MSMEs with access to a wider network of branches and customer service representatives.

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Joliba Capital Raises $59 Million to Invest in West African SMEs

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Joliba Capital Raises $59 Million to Invest in West African SMEs

Joliba Capital, a private equity firm focused on investing in SMEs in West Africa, has announced the first close of its Joliba Fund I at $59m.
 
 
 
 

The fund was oversubscribed, with strong demand from both commercial and development investors.

The lead investors in the fund are IFC, Proparco, FMO, and the French private equity firm LBO France. Other investors include CDC Group, Proparco’s managed account for French institutional investors, and several family offices.

Joliba Fund, I will invest in SMEs in West Africa that are growing rapidly and have the potential to create jobs and contribute to economic development. The fund will focus on sectors such as manufacturing, agribusiness, and services.

Joliba Capital was founded in 2019 by Mamadou Diallo, a former investment banker with Goldman Sachs. The firm has offices in Abidjan and Lagos.

The closing of Joliba Fund I is a significant milestone for the private equity market in West Africa.

It is the largest fund to be raised for this region in recent years, and it is a sign of the growing interest in investing in African SMEs.

The fund’s success is also a testament to the hard work and dedication of the Joliba Capital team. The firm has a deep understanding of the West African market and a proven track record of investing in successful businesses.

With the closing of Joliba Fund I, Joliba Capital is well-positioned to make a significant impact on the economic development of West Africa.

The fund will help to create jobs, boost economic growth, and improve the lives of millions of people.

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Interswitch and Google Pay Partner to Enhance Digital Payments to Nigeria

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Interswitch and Google Pay Partner to Enhance Digital Payments to Nigeria

Interswitch, a leading payments company in Nigeria, has partnered with Google Pay to bring the popular mobile payment service to Nigeria.
 
 
 

The partnership will allow Nigerian consumers to make secure and convenient payments using their smartphones at merchants across the country.

Google Pay is a digital wallet that allows users to store their credit and debit cards, as well as loyalty cards and gift cards.

It can be used to make payments online, in apps, and in stores.  

The partnership between Interswitch and Google Pay will make it easier for Nigerian consumers to use digital payments. 

The partnership is a significant development for the digital payments landscape in the West African country, and it is expected to boost the adoption of digital payments and help to drive economic growth.

The Partnership Overview:

The partnership between Interswitch and Google Pay is set to bring a host of innovative solutions to Nigeria’s burgeoning digital payments ecosystem.

Key components of this collaboration include:

Seamless Integration: Google Pay will be integrated into the Interswitch payment gateway, allowing users to link their Interswitch accounts with Google Pay for hassle-free transactions.

Expanded Merchant Network: Nigerian merchants will benefit from increased access to customers, as the partnership will enable them to accept payments made through Google Pay, expanding their customer base and enhancing sales opportunities.

Enhanced Security: Users can expect top-notch security measures to protect their financial information and transactions, in line with global best practices.

Cross-Border Transactions: This collaboration is expected to facilitate cross-border digital payments, easing transactions for Nigerians conducting international business and trade.

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Nigeria’s AltSchool Africa Launches New Schools to Upskill Africans “For the Jobs of the Future”

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Nigeria's AltSchool Africa Launches New Schools to Upskill Africans "For the Jobs of the Future"

AltSchool Africa, a leading provider of creative and business education in Africa, has launched two new schools in Lagos and Abuja.
 
 
 

The schools will offer courses in various fields, including design, coding, entrepreneurship, and marketing.

AltSchool Africa was founded in 2018 by two Nigerian entrepreneurs with the mission to “upskill Africans for the jobs of the future.”

The new schools will be located in Lagos and Abuja, two of Nigeria’s most populous cities. The schools will have state-of-the-art facilities and will be staffed by experienced faculty.

AltSchool Africa is targeting students interested in pursuing careers in the creative and business industries. The company believes that these industries are growing rapidly in Africa and that there is a high demand for skilled workers.

In addition to the new schools, AltSchool Africa is also launching several new initiatives, including a scholarship program for students from low-income families and a startup accelerator program for aspiring entrepreneurs.

About AltSchool Africa

AltSchool Africa offers courses in a variety of fields, including design, coding, entrepreneurship, and marketing.

The tech startup is committed to providing high-quality education and training to Africans who are interested in pursuing careers in the creative and business industries.

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UAE Pledges $4.5 Billion to Help Africa Transition to Clean Energy

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UAE Pledges $4.5 Billion to Help Africa Transition to Clean Energy

The United Arab Emirates (UAE) has pledged $4.5 billion to help African countries transition to clean energy.
 
 

The announcement was made by the UAE’s Minister of Energy and Infrastructure, Suhail Al Mazrouei, at the Africa Climate Summit in Nairobi, Kenya.

The investment will support a wide range of clean energy projects in Africa, including solar, wind, and hydropower.

It will also be used to develop energy storage technologies and promote energy efficiency measures.

The UAE’s investment is a significant boost for Africa’s clean energy sector.

The continent is home to some of the world’s best solar and wind resources, but it has struggled to develop these resources due to a lack of funding.

The UAE’s investment will help to unlock Africa’s clean energy potential and contribute to the continent’s efforts to combat climate change.

The UAE is not the only country that is investing in clean energy in Africa. Other countries, such as the United States, China, and the European Union, have also pledged billions of dollars to support Africa’s clean energy transition. This growing investment is a sign of the increasing importance of clean energy in Africa and the world.

The UAE’s investment also reflects the country’s commitment to clean energy. The UAE has set a goal of generating 44% of its electricity from
clean sources by 2050.

The country has already made significant progress towards this goal, and the investment in Africa will help to accelerate the transition to clean energy.

In addition to the $4.5 billion investment, the UAE also announced at the Africa Climate Summit that it would join the Africa Carbon Markets Initiative (ACMI).

The ACMI platform aims to create a market for carbon credits in Africa. The UAE’s participation in the ACMI will help to support the development of carbon markets in Africa and help the continent meet its climate goals.

The UAE’s commitment to clean energy in Africa is a significant step forward for the continent.

The investment will help to accelerate Africa’s transition to clean energy and contribute to the fight against climate change. It is also a sign of the UAE’s growing leadership on climate change issues.

The UAE’s investment in clean energy in Africa is a positive development for the continent and the world. It is a sign of the UAE’s commitment to clean energy and its willingness to play a leading role in the fight against climate change.

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Nigerian Startup Itana to Create Africa’s First Digital Free Zone Following $2M Pre-Seed Funding

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Nigerian Startup Itana to Create Africa's First Digital Free Zone Following $2M Pre-Seed Funding

Itana, a Nigerian startup that is building Africa’s first Digital Free Zone, has raised $2 million in pre-seed funding.
 
 

The round was led by global venture capitalists LocalGlobe, Amplo, Pronomos Capital, and Future Africa.

Itana’s Digital Free Zone will be a physical and virtual space that will offer businesses a range of benefits, including:

  • A stable policy environment
  • Tax and capital repatriation incentives
  • The freedom to operate remotely
  • Access to a global network of talent and investors

The funding will be used to develop the Itana Digital Free Zone, as well as to grow the company’s team and launch its digital residency program.

The startup is on a mission to empower entrepreneurs to establish a highly esteemed business within Nigeria’s inaugural digital-free zone.

“Within the Itana digital free zone, startups will have the benefit of a stable policy environment, tax and capital repatriation incentives and the freedom to operate remotely without the need for an expansive physical presence within the free zone. I’m looking forward to the global businesses from Nigeria that will emerge from this,” founding investor Iyinoluwa Aboyeji was quoted as saying.

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Google Names Alex Okosi as Managing Director for Africa

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Google Names Alex Okosi as Managing Director for Africa

Google has announced the appointment of Alex Okosi as Managing Director for Africa.
 
 

Okosi will lead Google’s business globally, including its advertising, cloud, and hardware products and services.

He is a seasoned media and entertainment executive with over 20 years of experience.

He joins Google from MultiChoice Group, where he was the Managing Director for Nigeria and West Africa. In this role, he was responsible for the company’s pay-TV, video-on-demand, and digital businesses.

Prior to MultiChoice, Okosi held senior positions at MTV Networks Africa, Sony Pictures Television, and the International Broadcasting Trust. He is a graduate of the University of Lagos and holds an MBA from the Lagos Business School.

“I am excited to join Google and to be part of the team that is making a difference in the lives of Africans,” said Okosi. “I look forward to working with our partners and customers to bring the power of technology to everyone on the continent.”

Okosi’s appointment is a significant move for Google as it seeks to expand its presence in Africa.

The continent is home to over 1.2 billion people, and Google is committed to making its products and services available to everyone.

In addition to his experience in the media and entertainment industry, Okosi is also a strong advocate for developing the African tech ecosystem.

He is a member of the board of directors of the Lagos Business School and the African Business Roundtable.

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Ugandan Fintech Asaak Acquires Mexican Startup FlexClub to Expand into Latin America

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Ugandan Fintech Asaak Acquires Mexican Startup FlexClub to Expand into Latin America

Asaak, a leading Ugandan fintech company, has acquired FlexClub, a Mexican startup that provides car financing for Uber drivers.
 
 

The acquisition will allow Asaak to expand its operations into Latin America and offer its innovative financial solutions to a wider range of customers.

Founded in 2017, Asaak has been providing motorcycle and smartphone loans to Ugandans.

The company is on a mission to unlock the economic potential of marginalized small and medium business owners.

By bringing together a team of individuals with a wide range of backgrounds and a passion for fintech, Asaak is equipping business owners and journeying with them to their bigger dreams.

FlexClub, meanwhile, provides a software platform that allows car rental companies to offer vehicle “subscriptions” to drivers.

The acquisition of FlexClub will allow Asaak to offer a wider range of financial products and services to its customers in Latin America.

The company will also be able to leverage FlexClub’s technology and expertise to expand its operations into other countries in the region.

“The vehicle is the entry point into our credit ecosystem, from which drivers can eventually access additional credit for fuel, repairs, smartphones or other needs they may have. We’ve proven this can be done profitably at scale for our clients , both online and in person,” said Kaivan Khalid Sattar, CEO and founder of Asaak.

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Uber Launches Its First Electric Motorbikes in Africa in Nairobi, Kenya

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Uber Launches Its First Electric Motorbikes in Africa in Nairobi, Kenya

Ride-hailing giant Uber has launched an electric motorbike service in Kenya, its first in Africa.
 

The move is part of the company’s commitment to making its global platform emissions-free by 2040.

The new service, called Electric Boda, will initially consist of 3,000 bikes in Nairobi, with plans underway to expand the service to other cities.

The electric bikes are powered by lithium-ion batteries and have a range of up to 60 kilometers. They are also equipped with safety features such as headlights, taillights, and mirrors.

Uber drivers who use electric bikes will benefit from lower running costs and reduced emissions. The company estimates that the electric bikes will save drivers up to 30-35% on fuel costs.

The launch of Electric Boda is a major step forward for Uber in its efforts to make its platform more sustainable. The company has also committed to investing in electric vehicle charging infrastructure in Kenya.

The launch of Electric Boda is also seen as a boost to Kenya’s green economy.

“We are doing our part to aid the transition to eco-friendly mobility products and to support national sustainability objectives. The launch of Electric Boda will provide Kenyans with one of the most affordable ways to move from one place to another, with prices 15-20% below the price of our existing product,” Imran Manji, Uber’s head of East Africa, said during the launch.

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