The Dubai-based company said the investment will help bolster payment systems infrastructure and financial inclusion and contribute to the digital transformation undertaken by the Egyptian government.

Network International, a major player in digital commerce in the Middle East and Africa (MEA) region announced on Monday, August 28 an investment of EGP 1 billion ($32.3 million) to support Egypt's economic growth through innovative payment solutions.

According to the company's press release, a"significant portion" of the capital will be spent to buy, deploy, and maintain around 100,000 point-of-sale (POS) machines in several regions of Egypt. The rest will be devoted to the implementation and smooth operation of Network One, the company's state-of-the-art payments technology platform.

"This investment underscores our ongoing commitment to providing innovative payment solutions to Egyptian businesses. Our presence in the Egyptian economy spans more than two decades, during which we have served numerous banks and financial institutions," said Nandan Mer, CEO of Network International.

Network International's new investment in Egypt aligns with its government’s efforts to implement the country's national digital transformation strategy called "Digital Egypt 2030". The latter  aims to "realize the digital economy through ICT, to ensure prosperity, freedom, and social equity for all".

Network International's presence in Egypt will significantly contribute to financial inclusion and GDP growth. The player strives to modernize financial technology to facilitate the transition from cash to digital payments.

Samira Njoya

The tech entrepreneur launched his startup, BezoMoney, while going through MEST Africa’s support program. Through the said startup, he provides digital financial products and services to the youth and unbanked individuals. 

 Ghanaian-born Mubarak Sumaila (photo) is the co-founder and CEO of start-up BezoMoney. A graduate of the University for Development Studies, where he earned a BSc in Biotechnology in 2017, he launched BezoMoney, two years later, while he was taking part in MEST Africa's startup training program.

"There are a lot of people in the informal sector in Africa and hardly do their lives improve in any way from year to year. Through our research, we realized that this is a result of their limited access to formal financial services which stems from their inability to build verifiable credit histories even though they save and access credit through informal financial schemes. BezoMoney exists to change that," the tech entrepreneur explains.

BezoMoney provides a social savings platform, Bezo, to help low-income populations easily save money and access significant capital through collective savings.  It also offers BezoSmart Series, a financial education platform that provides customers with practical information on how to manage and improve their finances.  The education platform covers a wide range of financial topics, from savings to investments. It offers a podcast, a financial education program, events, and meetings. 

BezoMoney is one of the startups selected for the Google for Startups' Black Founders Fund 2023 program. Its CEO is also one of the beneficiaries of the  Techstars Accelerator 2023. He is also a  2022 Halcyon Incubator Fellow and a member of the alumni steering committee of Summit, a global community of entrepreneurs, academics, athletes, and personalities of all kinds.

A former intern (2016) at Lancet Technologies, a pathology laboratory operating throughout South Africa, he worked between 2017 and 2019 as the Accra office manager of Startup Grind, a global startup community. In 2020, he became a podcaster at A Tribe called VC, an online media outlet that aims to bridge the information gap between African start-ups and venture capitalists. In 2021, he worked as a digital product manager at Digital Product School, a training program set up by the German company UnternehmerTUM.

Melchior Koba

In Africa, digital payment methods are booming. Fintech startups are, therefore, launching ever-innovative products for day-to-day use. 

Flash is a fintech solution developed by an Egyptian eponymous start-up. It enables users to pay their bills or purchases by just scanning a QR code. 

According to Erik Gordon, CEO of the startup behind the solution, the aim is to make payments easier and secure for everyone. For that purpose, the startup has a mobile app for Android and iOS devices. Through the app, users can create their Flah accounts to access the various features. They need to add bank cards or top up their wallets to be able to make transactions. 

In addition to its basic functionality, Flash plans to add new financial management tools to help users make better spending decisions, according to Erik Gordon.  To develop its technology and platform, the startup has already raised over $6 million. According to Play Store data, the Android version of its app has been downloaded more than 5,000 times. 

Adoni Conrad Quenum

An Ivoirian entrepreneur, Rukayatou Saka (pictured) is the founder and CEO of Paiement Pro. She holds a degree in computer engineering obtained in 2012 from the School of Multimedia Specialities in Abidjan (ESMA) and a master's degree in data engineering obtained in 2021 from ISM Paris.

Paiement Pro is an online platform that allows its users to accept payments via mobile money solutions (like Orange Money) or by credit card. The platform was created in 2019. Secure, it fosters online selling and online businesses in Côte d'Ivoire, Benin, Burkina Faso, Niger, Mali, and Senegal.

Paiement Pro is a product of Amira Global Technology, which was founded by Rukayatou Saka. Established in 2008, Amira Global Technology is a digital transformation consulting company, involved in the design and development of digital solutions. Apart from Paiement Pro, the company has developed Doumgba Marché and Liste de Mariage.

Liste de Mariage is a web platform that allows future spouses to digitize their wedding list and enable friends and acquaintances to offer them gifts online, via VISA and Mastercard credit cards or mobile money (Côte d'Ivoire, Benin, Burkina Faso, Mali).

Doumgba Marché is a web platform that improves the value chain in the production and sale of agricultural products. It connects the producer with the nearest transporter for the shipment of the product, thus allowing the production to be sold online.

To date, Amira Global Technology has completed 1,175 projects and developed more than 8 large public platforms. In 2021, the Jack Ma Foundation ranked it among the top 50 African companies. The same year, Rukayatou Saka received the national excellence award for the best female digital initiative of the year. Also in 2021, she was one of the 50 finalists in Africa's Business Heroes.

In 1994, Eastern and Southern African countries formed a common market, offering numerous facilities to national actors. However, various non-tariff barriers, financial barriers particularly, threaten the commercial inclusion sought.  

The Common Market for Eastern and Southern Africa (COMESA) will launch a digital payment platform by June 2024, COMESA Business Council (CBC) CEO Teddy Soobramanien (photo) announced at a press conference in Lusaka (Zambia) last Monday.  

The platform aims to facilitate online transactions and boost trade relations between countries in the region. "The project will be launched in eight countries before being rolled out to all 21 member states by June next year [...] Financial inclusion ecosystems are key to sustainable development and economic progress, particularly among small and medium-sized enterprises (SMEs), which drive innovation, job creation, and poverty reduction," said Teddy Soobramanien.

"By harnessing the power of digital technology, we can unlock the unprecedented opportunities for them, empowering them to realize their full potential and contribute to the region’s prosperity," he added.

The implementation of the digital payment platform is part of a COMESA project aimed at improving the digital financial inclusion of micro, small, and medium-sized enterprises (MSMEs) in the region. The project focuses on improving financial regulation and reducing cross-border transaction costs for MSMEs in the concerned markets. 

Once deployed, the platform will not only stimulate economic growth and financially empower the most vulnerable social categories but, it will also promote partnerships between businesses in the region.

Samira Njoya

Andrew Takyi-Appiah has worked in the world of finance for more than 15 years. He has expertise in the field of banking and mobile payments. The company he heads strives to improve financial inclusion in Africa.

Andrew Takyi-Appiah is a Ghanaian entrepreneur and business leader who obtained a bachelor's degree in Business Administration from the University of Hull in 2002. He also holds a postgraduate degree in Management obtained in 2005 at UCLA. In 2021, he obtained the same degree in fintech at Saïd Business School, University of Oxford. Talyi-Appiah is the Co-founder and Managing Director of Zeepay. 

Founded in 2016, Zeepay is a fintech startup that aims to improve financial inclusion and make the world a better place to live. Leveraging partnerships with money transfer operators, the startup allows international fund transfers and ATM cash withdrawals. 

Also, it allows holders of prepaid or debit VISA cards to receive money directly onto their cards within minutes. Zeepay has already conducted over 1,000,000 transactions across 23 countries in Europe, North America, and Africa and will soon be launched in Côte d'Ivoire.

 In March 2023, Andrew Takyi-Appiah received the Fintech Leader of the Year in Africa award at the CEO Summit for the second consecutive time, highlighting his critical role in the growth and advancement of sub-Saharan Africa's economic landscape. More recently, he was selected among the 50 finalists of Africa’s Business Heroes. 

"At Zeepay, we are ready to provide our support and advice and invest in any innovative fintech idea that has a lot of potential and aims to benefit the ordinary African. Zeepay is for Africa, and we look forward to growing with Africa. We will continue to harness African human resources and innovations to drive growth," said the entrepreneur in 2022.

Before launching Zeepay, he worked in several financial institutions like GTBank, where he was in charge of corporate banking in 2007, and Ecobank Transnational Incorporated from 2007 to 2011. Between 2011 and 2013, he worked at PwC, and between 2013 and 2016, he was at UT Bank Ghana.

Melchior Koba

With financial technology growing rapidly across Africa, more local companies have been developing several solutions to offer consumers interesting alternatives to traditional financial management software.

Tresorerie.ma is a digital platform developed by a Moroccan start-up. It allows SMEs and managers, to manage cash flow, centralize and pay supplier invoices, and follow up clients from a dashboard. Based in Tangier, the startup was founded in 2022 by Hicham Berrahou.

"Tresorerie.ma offers a service complementary to accounting: thanks to Tresorerie.ma, you can anticipate and follow the evolution of your cash flow in real time. This will not impact your accounting process. Your accountant can therefore continue to manage your accounts without any problem," the platform states.

To access the fintech's services, users need to visit the platform and create an account. It offers several pricing grids and a trial for a few days. Among other things, users will need to provide information such as their first and last name, email, company name, and their position within their company.

The platform offers distinct registration options, depending on the number of users. Annual packages cost 249, 490, and 890 dirhams (about $242) respectively for 1, 3, and 5 users. The 5-user package includes all features of the solution, unlike the other packages. These include the integration of various accounting software, a cash flow simulator, and cash flow forecasting. Moreover, bank transactions between Tresorerie.ma and users’ bank accounts are unlimited, whereas they are limited to 100 with the basic package.

Regardless of the package picked, users can, from the dashboard, synchronize and automatically categorize all of their company's banking operations, model and test different development scenarios, analyze various indicators to get an idea of the company's financial health, or even create personalized recovery plans.

The fintech also has a mobile application, but it is not available from the Play Store or Appstore. Tresorerie.ma claims to have over 325,000 active users and more than 94 tracking indicators available to its customers. It also offers personalized business support.

Adoni Conrad Quenum

Fintech is one of the sectors that has grown the most in Africa in recent years. And one of the entrepreneurs who contributed to this growth is Danielle Ekambi Soppo, who strives to advance financial inclusion.

Cameroonian entrepreneur and investor, Danielle Ekambi Soppo, co-founded and heads SuiTch. This is a startup that helps people who have low access to conventional banking solutions, by leveraging digital financial services.

Ekambi Soppo graduated from the Paris Dauphine-PSL University. Between 2007 and 2008, she completed her studies in economic studies and corporate strategies. And in 2011 and 2012, she studied financial engineering, corporate finance, private equity, treasury management, and mergers and acquisitions.

In 2010, she worked as a wealth management consultant at Elite Investment Group, in China. That same year, she went back to Cameroon and worked at the National Shippers' Council of Cameroon (CNCC), as a project financing analyst. She worked there for about a year. 

Between 2012 and 2013, she worked at ESSCA Angers business school in banking and risk management. She has also worked as an investment analyst at several investment companies such as Argos Soditic and Platina Partners LLP.

Two years later, in 2015, Danielle Ekambi Soppo founded SuiTch. The startup’s mission is to give people the means to fully tap into the digital economy, enabling them to grow and grow their businesses. The businesswoman offers non-bancarized Cameroonians a mobile payment solution that allows for simple, fast, and secure financial transactions.

SuiTch’s partner companies can grant salary advances to their employees. The startup also gives microcredits, going up to 500,000 FCFA (about $840) to micro and small businesses that use the application.

Danielle Ekambi Soppo currently is the president of the circle of young leaders of Cameroon’s Inter-employer Group (GICAM), which represents the country’s private sector actors. She has also been, since 2014, the managing director of Malaïka Investment Partners, an investment club that supports micro-enterprises with equity and quasi-equity in Cameroon.

SuiTch is presently among Cameroon’s top 7 promising startups. It is also one of the 15 companies picked to join the 2023 cohort of Google for Startups Accelerator: Women Founders.

Melchior Koba

This tech entrepreneur already heads an edtech but still decided to venture into the fintech sector.

GoFree is a technological solution developed by a Nigerian startup. Available on iOS and Android, the mobile app gives access to financial services, e-commerce, and instant messaging. Based in Nigeria and the US, the startup was founded in 2022, by Lekan Adejumo.

Adejumo, according to a Medium post, claims that "if data can freely circulate between different mobile phone operators, money should be able to do the same.” The post further explains that the founder “wanted to create the equivalent of GSM for money, allowing seamless transactions between various financial services". Thinking of this interoperability was one of the reasons that pushed him to put together a team to solve the problem.

Users must first set up an account to use the app’s various services. Information needed includes a phone number, which will be linked to the user's banking services, virtual cards, payments, and social services on GoFree. A Naira wallet is automatically created upon setting up the account; this eases access to the fintech’s financial services, such as sending and receiving money, paying bills, or managing one's finances. The wallet can be topped up by various means such as bank wiring, Nigerian-issued bank cards, Flutterwave, Apple Pay, or Google Pay.

The messaging function, on the other hand, allows for exchanging instant messages with colleagues, friends, or family, sharing files and documents, and collaborating on projects. The application also integrates e-commerce services. Users can publish items on their GoFree profile and also sell them to other users. GoFree doesn’t charge fees for in-App transactions. According to Play Store statistics, the Android version of the app has been downloaded more than 500 times.

Adoni Conrad Quenum

She is an internationally renowned entrepreneur and business leader. She co-founded and heads Kwara, a startup that helps financial cooperatives better manage their operations using technology.

Cynthia Wandia, a Kenyan electrical engineer and entrepreneur, founded the start-up Kwara with David Hwan in 2018. Kwara, which she steers as CEO, offers financial cooperatives and their members a secure, enjoyable, and affordable online and mobile banking experience.

Based in Kenya, Kwara's mission is to enable the 3 billion under-served people worldwide to become financially stable and balanced. To achieve this, the start-up is modernizing and equipping savings and credit cooperatives with a banking services platform that updates and improves their back-office operations.

In January 2023, the startup, which already serves over 100,000 members, raised $3 million in seed capital and signed an exclusive digital solutions distribution agreement with the Kenyan Union of Savings and Credit Cooperatives (Kuscco), representing over 4,000 savings and credit cooperatives (Saccos) in Kenya.

"We believe that we have barely scratched the surface of the Kenyan market. That's why we're going to invest in products and services that will allow us to deepen our relationships here," said Cynthia Wandia.

"The logic of the agreement is clear: it's an opportunity to generate leads and distribute our core product as quickly as possible, and to deepen our competitive edge," she added.

Cynthia Wandia holds a bachelor's degree in electrical engineering, obtained in 2009 from Yale University. In 2014, she co-founded ASTRA Innovations, an energy company where she served as CEO until 2017.

Before founding Kwara, she worked for several companies. In 2010, she served for six months as a business development consultant for the Mexican business accelerators network Aceleradora de Empresas ITESM. Between 2012 and 2014, she worked at E.ON Climate & Renewables, successively as a fleet performance analyst and director of special projects. In 2017, she joined Finparx, a business creation studio, as a project developer.

In 2018, the Kenyan newspaper Business Daily Africa named Wandia one of the country's 40 most influential women under 40.