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Egyptian fintech Menthum launches USD fixed income fund 

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Egyptian digital savings startup, Menthum, has entered into a partnership with CI Capital Asset Management to launch a USD fixed income fund armed at elevating the country’s savings and investment landscape.

The fintech, which was launched in November 2022 by Himanshu Shrimali and Ismail Sarhank, is Egypt’s prominent B2B and B2C digital savings platform that provides individuals and companies with an innovative way to invest in safe treasury bills through a money market fund.

The startup made the announcement on Thursday in a statement which noted that it had partnered with CI Asset Management to launch the novel fund known as “Menthum USD Fixed Income Fund.”

According to Shrimali, the CEO of Menthum, this innovative mutual fund is designed to provide both individuals and businesses with a secure, high-yield and liquid savings opportunity in US dollars.

“It aims to deliver stable returns by investing in low-risk, high-quality fixed income securities, including US dollar-denominated T-Bills and Eurobonds issued by the Egyptian government,” he said.

“As a fully regulated product under the Financial Regulatory Authority of Egypt (FRA), this fund builds on Menthum’s vision of offering secure and smart savings solutions, making it an ideal choice for those seeking to preserve and grow their wealth and manage cash in foreign currency.

“At Menthum, our mission is to create innovative financial solutions that cater to the evolving needs of people in Egypt.

“The launch of the “Menthum USD Savings Account”, powered by the Menthum USD Fixed Income Fund, represents a significant milestone in our quest to empower Egyptians by providing financial products that make their money work harder, thereby improving their financial well-being.

“We take this opportunity to express our gratitude to the FRA for their pragmatic regulations and supportive approach that are conducive to innovation and progressive governance,” said Shrimali.

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Again, Starlink raises prices of its services in Nigeria

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Elon Musk’s satellite internet service provider, Starlink, has again jacked up the prices of its services in Nigeria after an earlier increase caused uproar among customers.

The service provider, in a statement released on Friday, informed its Nigerian customers that it would raise its monthly subscription prices, with the new rates set to take effect on January 27, 2025.

Under the new pricing regime, the lowest subscription tier will increase significantly from ₦38,000 to ₦75,000 per month, while mobile global roaming service will now cost ₦717,000 monthly.

The company stated that new subscribers will immediately pay the adjusted prices while existing customers will see the changes reflected in their upcoming bills.

In an email sent to users, Starlink said:

“To continue enhancing the Starlink network and provide reliable, high-quality service across Nigeria, we are adjusting our monthly subscription prices.

“These changes are part of our ongoing commitment to investing in the infrastructure needed to improve your experience with Starlink.”

This is the second time Starlink has attempted a price hike in Nigeria. The Nigerian Communications Commission (NCC) has rejected its previous increase in October on the grounds that the company had not sought the necessary regulatory approval.

However, insiders believe the NCC is set to approve an increase in the first quarter of 2025, which gives credence to insinuations that Starlink may have gotten an approval for the price increments.

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Safaricom Ethiopia launches 4G network in Gambella

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Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

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