Egyptian fintech, Connect Money, a banking-as-a-service fintech company focused on embedded finance services, has announced closing a $8 million seed funding to help it launch five new business verticals.

According to Ayman Essawy, co-founder and CEO of Connect Money, the funding, which was led by Disruptech Ventures and Algebra Ventures, will enable the startup launch five new business verticals that will be announced separately in North African markets, emerging as the go-to platform for businesses seeking seamless banking services.

“We are immensely proud to announce the closure of our seed funding round, a testament to the confidence and support extended by our investors Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, One Stop and MDP,” Essawy said in a statement.

“This significant seed investment underscores our hyper-growth potential as we strive to eliminate existing pain points for businesses aiming to become financially enabled.

“Connect Money offers a comprehensive white-label card issuing platform that enables businesses to provide their customers with debit and credit cards without the need to develop fintech infrastructure or obtain regulatory licensing.”

Essawy stated that he is optimistic about enabling non-financial institutions in accelerating their growth by feeding more efficiencies to their existing operations and generating new revenues streams from banking services.

“Connect Money’s expertise, deep market knowledge, and cutting-edge integrated tech will greatly enhance accessibility and efficiency in financial services, benefiting the fintech-enabled ecosystem and transforming banking operations while positioning Egypt as a valuable hub for exporting embedded finance services,” he added.

Mastercard Foundation has teamed up with the African Continental Free Trade Area (AfCFTA) Secretariat and TradeMark Africa, in a four-year fisheries programme aimed at empowering African women and youths.

The scheme, which is to be implemented across seven countries, will enable over 240,000 beneficiaries gain work opportunities and boost trade in fish and fish products by about $100 million by 2028.

Tagged “Women and Youth Economic Empowerment in Fisheries” programme, the project will enhance the participation of women and youth in fisheries in line with the adopted AfCFTA Protocol on Women and Youth in Trade.

The announcement of the programme which was made during the 14th Meeting of the Council of Ministers responsible for Trade in Zanzibar, is also designed to address structural challenges women and youth face when participating in the fisheries value chain.

A statement by AfCFTA Secretariat signed by H.E. Wamkele Mene, said the programme will “offer training, facilitate access to markets and finance, catalyze supply chain linkages, create digital solutions, simplify trade regimes, enhance compliance to standards and enable streamlined cross-border market access.”

“This programme is a culmination of work between the AfCFTA Secretariat and the Mastercard Foundation. This work started with the development of the AfCFTA private sector strategy, where priority value chains were identified to boost intra-Africa trade and production,” he said.

“TradeMark Africa will implement the programme to benefit Small, Medium and Micro Enterprises (SMMEs) in Kenya, Uganda, Tanzania, the Democratic Republic of Congo (DRC), Zambia, Nigeria and selected Island states.

“While the AfCFTA presents a unified preferential market opportunity, women and youth may not automatically benefit from such prospects if they are not adequately supported.

“The AfCFTA presents huge opportunities, while fostering entrepreneurship and job creation in a market of 1.4 billion people.

“The AfCFTA’s Protocol on Women and Youth in Trade has been developed to foster inclusive economic development by eliminating barriers to trade for women and young people in Africa.

“We are glad the programme aligns with our vision of bringing this marginalised group along on this journey to increase intra-Africa trade in “Creating One African Market” to ensure prosperity for all Africans. We encourage the potential beneficiaries to take advantage of this program.”

Mr. Daniel Hailu, Executive Director of Pan-African Programs at the Mastercard Foundation, stated:

‘’This program has the potential to catalyse dignified and fulfilling work opportunities for young men and women, foster intra-African trade, and contribute to economic growth and poverty alleviation.

“Together, we are laying the foundation for a more equitable and sustainable future for all.”