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Egypt’s debt financing startup, Qardy partners Sandah to give MSMEs access to funds

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Egyptian marketplace and aggregator for debt financing startup, Qardy, has entered into a partnership with microfinance company, Sandah, to give financing access to MSEMEs in the country.

With the partnership, the fintech startup which was founded in 2022, will avail small and medium scale businesses the necessary tools and resources to facilitate loans and other finance products.

The CEO and founder of Qardy, Abdel Aziz Abdel Nabi, who confirmed the development, said the goal of the initiative was to make sourcing for finance an easy process.

“Qardy aims to cut the waiting time to get a loan from nine months to around 18 days. Since the current lending process is manual, it takes so much time, and it mainly focuses on personal connections, making it very tough for MSMEs to go through the process,” Nabi said.

He added that through the partnership with Sandah, the startup aims to bridge the financial gap within the MSME sector in Egypt through a comprehensive suite of products and services designed specifically to address the different needs of the industry.

“We are thrilled about this strategic collaboration with Sandah. Together, we aim to expand our coverage to cover the full extent of MSMEs sector, providing them with tailored financial products to both manage their cash flow cycles and cover their working capital needs,” Nabi said.

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Dubai’s cybersecurity firm CyberKnight sets up business in Africa

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Dubai-based cybersecurity company, CyberKnight, has expanded its business into Africa by opening an office in Egypt.

CyberKnight, a cybersecurity advisory and value-added-distributor (VAD), which has its international headquarters in Dubai with a strong presence across the Middle East, announced its expansion into Africa on Friday with the appointment of Naoufal Mzali as the Regional Sales Director for the continent to spearhead its business development efforts on the continent.

As the newly appointed Regional Sales Director for Levant, Egypt & Africa, Mzali will lead the charge in strengthening CyberKnight’s presence in the territory and fostering growth in the African cybersecurity market, the company said in a statement.

“With over 17 years of experience in technology and cybersecurity, his strong engineering background, coupled with a successful track record in sales, makes Naoufal an asset to the CyberKnight team.”

A statement signed by Mzali to welcome CyberKnight into Africa said:

“We are excited to enter this new chapter of growth with CyberKnight’s on-the-ground expansion into Africa.

“Since the company’s inception, we have been doing business opportunistically in multiple African countries from our HQ in Dubai.

“This underscores our commitment to delivering best-of-breed cybersecurity expertise to enterprise and government customers, as well as strategic partners across Africa.

“Moving forward, we will be building teams across the continent, starting with North Africa.”

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Google relaunches Hustle Academy with AI focus to empower African SMBs

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Google has relaunched the 2024 cohort of its Hustle Academy, a programme dedicated to accelerating the growth of small and medium-sized businesses (SMBs) in Sub-Saharan Africa.

Making the announcement on Thursday, Google said it is opening of applications for the Hustle Academy with a special focus on using Artificial Intelligence (AI) to provide comprehensive business education, mentorship, and networking opportunities to SMBs.

According to Kristy Grant, Head of B2B marketing for Sub-Saharan Africa at Google, the 2024 cohort of the programme introduces a significant upgrade – business-focused AI training integrated directly into the curriculum.

“This year, the new AI modules focus on data-driven decisions, optimising operations, and building AI-powered marketing strategies,” Grant said.

“AI holds immense potential for African small and medium-sized businesses SMBs, enabling them to drive innovation, increase efficiency, and unlock new levels of economic growth.

“The Hustle Academy has supported over 10,000 businesses who have gone ahead to raise funding and create jobs since inception.

“By incorporating AI into our curriculum, we aim to further amplify this impact, equipping SMBs to harness AI technologies for improved business performance and economic progress,” Grant emphasized.

She added that applications for the 2024 Hustle Academy cohort are open to SMBs in Kenya, Nigeria, and South Africa.

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