Tech

UAE-based firm, Global Ventures launches $85 million fintech fund with state-own banks in Egypt

Published

3 years ago

March 20, 2022

In Egypt, three state-own banks, Banque Misr, the National Bank of Egypt, and Banque du Caire have teamed up with UAE-based MENA VC firm Global Ventures to launch the USD 85 mn Nclude fund.

According to a statement this morning from Global Ventures. Other investors include state-owned e-Finance and the Egyptian Banks Company, according to a separate statement from e-Finance. The fund will focus on fintech and digital payments solutions and has already made investments in start-ups including Khazna, Paymob, Mozare3 and Lucky.

Legislative and regulatory changes in Egypt over the last two years have paved the way for a surge in fintech investments and a change in the way the country’s largely unbanked citizens do business, industry players say.

Banque Misr will act as an anchor investor in the programme, with The National Bank of Egypt (NBEGPT.UL) and Banque du Caire (BQDC.CA) as strategic investors, said the statement by Global Ventures, which focuses on the Middle East and Africa.

eFinance Investment Group, a state-controlled payments firm, and Egyptian Banks Co, the operator of a payment led by the central bank, will also participate. The fund, called Nclude by Global Ventures, hopes to attract additional participation from regional and international investors, it added.

The statement quoted Egyptian central bank governor Tarek Amer as saying the fund’s establishment was “a crucial step to transform Egypt into a regional centre for the fintech industry in the Arab World and Africa.”

The fund has already made preliminary investments in four companies, it said.

These are Khazna, a financial app that provides products to underserved consumers; Lucky, which offers instalments, cashback rewards and credit to consumers; Mozare3, which provides small farmers with input financing, markets and technical support; and Paymob, a digital payment provider.

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

2 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

3 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation