Tech

UAE-based firm, Global Ventures launches $85 million fintech fund with state-own banks in Egypt

Published

3 years ago

March 20, 2022

In Egypt, three state-own banks, Banque Misr, the National Bank of Egypt, and Banque du Caire have teamed up with UAE-based MENA VC firm Global Ventures to launch the USD 85 mn Nclude fund.

According to a statement this morning from Global Ventures. Other investors include state-owned e-Finance and the Egyptian Banks Company, according to a separate statement from e-Finance. The fund will focus on fintech and digital payments solutions and has already made investments in start-ups including Khazna, Paymob, Mozare3 and Lucky.

Legislative and regulatory changes in Egypt over the last two years have paved the way for a surge in fintech investments and a change in the way the country’s largely unbanked citizens do business, industry players say.

Banque Misr will act as an anchor investor in the programme, with The National Bank of Egypt (NBEGPT.UL) and Banque du Caire (BQDC.CA) as strategic investors, said the statement by Global Ventures, which focuses on the Middle East and Africa.

eFinance Investment Group, a state-controlled payments firm, and Egyptian Banks Co, the operator of a payment led by the central bank, will also participate. The fund, called Nclude by Global Ventures, hopes to attract additional participation from regional and international investors, it added.

The statement quoted Egyptian central bank governor Tarek Amer as saying the fund’s establishment was “a crucial step to transform Egypt into a regional centre for the fintech industry in the Arab World and Africa.”

The fund has already made preliminary investments in four companies, it said.

These are Khazna, a financial app that provides products to underserved consumers; Lucky, which offers instalments, cashback rewards and credit to consumers; Mozare3, which provides small farmers with input financing, markets and technical support; and Paymob, a digital payment provider.

Tech

Ghana partners with The Gambia to provide free roaming services

Published

7 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.