Tech

Cellulant gets payment licences to operate in Egypt

Published

11 months ago

November 17, 2023

Pan-African payment platform, Cellulant has announced receiving licences from Egypt to operate as a Payment Service Provider and Payment Facilitator in the North African country.

Cellulant’s General Manager for Egypt and North Africa, Ahmed Marwan, who made the announcement in a statement on Thursday, said the licences had further strengthened the fintech’s operations in Africa where it had the most “comprehensive payment infrastructure, integrating over 370 payment methods, operating in 35 markets with licences and physical offices in 19 countries.”

“With the prevalence of prepaid cards and mobile wallets already exceeding 40% of the adult population in Egypt, the timing of Cellulant’s acquisition of these licences could not be more opportune,” Marwan said.

“More importantly, we’re committed to intensifying our efforts to provide reliable payment options for businesses in the region. By simplifying their business payment process, they can focus on their growth”, he added.

Marwan noted that Egypt’s payments sector had snowballed in recent years, with “current regulations enabling instant payments and fintechs revolutionising how financial services are delivered, challenging traditional banking models and altering consumer payment preferences.”

In a 2022 Mastercard New Payment Index, 88% of Egyptians have used at least one emerging payment method, with usage expected to increase further.

“Customers are expanding their purchase methods, necessitating businesses to expand their payment methods to alternative and locally relevant ones,” he said.

Also speaking on the approval, Akshay Grover, Cellulant’s Group CEO, said Egypt was a strategic market for business growth in the MENA region.

”We’re excited to successfully secure these licences and solidify our operations in Egypt, making our payment solutions accessible to the regional and global businesses operating in and getting into Egypt,” he said.

“Over the last three years, Cellulant has been sustainably investing in the growth of real-time payment solutions for businesses, namely checkout, in-store, payouts, payment links, and the robust business dashboard, all anchored on its single API payment platform – Tingg.

“Additionally, Cellulant has built strong infrastructural and security capabilities, obtaining global security, privacy, business continuity, and service management certifications,” Grover added.

Related Topics:Cellulant Egypt Featured fintech Payment Platform

Click to comment

Tech

Rwanda’s e-mobiility startup IZI expands electric bus fleet after getting grant from Green Fund

Published

1 day ago

October 21, 2024

Isaac Dachen

Rwanda’s e-mobility startup, IZI, has announced the delivery of five electric buses to Kigali, the country’s capital city, after obtaining a substantial grant from the Rwandan Green Fund.

IZI, a frontrunner in electric vehicle solutions which says it is on a mission to electrify Rwanda’s public transport sector, has, in just four months of operation, grown its initial fleet of five electric buses to an enviable height.

CEO of the startup, Alex Wilson, believes the grant is a testament to the success story of IZI.

“These results validate our E-Mobility-as-a-Service model. We’re not just reducing emissions; we’re proving that sustainable public transport is economically viable in Africa.

“Building on this success, IZI has secured an RWF 300,000,000 grant from the Rwanda Green Fund to deploy five additional electric buses in Kigali.

“These vehicles will represent the most advanced public transport in Rwanda to date, boasting features such as an independent intelligent driver’s cabin, air suspension balanced driver’s seat, full LCD dashboard, one-step entry, and a flat-floor design for improved passenger comfort,” he said.

He added that the success of IZI’s pilot has led to strong demand from other Rwandan public bus operators.

“IZI has now signed contracts with 4 leading transport companies for the deployment of over 100 buses, marking a significant expansion of its operations.

“Looking ahead, IZI plans to establish a state-of-the-art battery maintenance and repair facility in Kigali, supporting the entire EV ecosystem in Rwanda and positioning the country as a centre of innovation in the EV industry,” he added.

Tech

Nigerian fintech Yellow Card raises $33m to fund expansion drive

Published

4 days ago

October 19, 2024

Isaac Dachen

Nigerian-based pan-African fintech, Yellow Card, has announced raising U$33 million in Series C funding to enable it drive its global expansion and strategic initiatives, taking its total equity funding to $85 million.

In a statement announcing the funds, Yellow Card’s co-founder and CEO, Chris Maurice, said the capital would be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products— the gateways for international businesses, including Coinbase and Block, to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins.

“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Maurice.

“We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.

“Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent,” Maurice added.

Founded in 2019, Yellow Card has steadily become the largest and first licensed Stablecoin on/off ramp on the African continent with operations spanning 20 African countries and over $3 billion in transactions facilitated across the continent.

In September 2022, the startup had announced the close of its $40 million Series B funding round, and has now followed that up with a $33 million Series C round, led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

Speaking on the funding, Aleks Larsen, General Partner at Blockchain Capital, said the future of payments lies in fast, affordable rails for everyone, powered by open networks.

“We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” Larsen said.