Tech

Kenyan fintech FlexPay secures funding from Cairo Angels Syndicate Fund to help expansion plans

Published

3 years ago

May 17, 2022

Top Kenyan fintech startup, FlexPay, has secured investment funding from the Cairo Angels Syndicate Fund as it looks to expand its services to other African countries.

The Cairo Angels Syndicate Fund (CASF), is a global micro venture capital fund focused on supporting startups in Egypt, the Middle East and Africa, while FlexPay is an online and offline payment gateway that allows merchants offer customers interest-free targeted savings.

Through FlexPay, merchants give their customers the freedom to choose how and when to pay for high-value goods and services, while shoppers get to spread the cost over time, increasing flexibility and spending power.

The Cairo Angel funding, according to Disrupt Africa, is meant to be an intervention funding aimed at aiding Flexpay’s growth and help more people avoid debt.

The Founder and CEO of Flexpay, Richard Machomba, spoke on the CASF investment, said:

“We are thrilled to have Cairo Angels as investors as we plan to grow and scale to more markets in Africa. As Africa’s first merchant-embedded saving-based purchase experience that rewards customers for saving, we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap.”

On his part, the CEO of the Cairo Angels Syndicate Fund, Aly El Shalakany, had this to say:

“Richard and co-founder Johnson Meangi are two stellar founders who have built an amazing fintech platform that flips BNPL on its head by harnessing the power of saving and digitizing the deep rooted culture of “layaway”.

“We will be supporting FlexPay with their regional expansion plans in other key Africa markets, including Nigeria and Egypt,” Shalakany said.

Related Topics:Featured fintech FlexPay Funding

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

3 hours ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

1 day ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.