Mylo, a fintech company from B.TECH, has received FRA approval to offer fully digital onboarding services in Egypt, eliminating the need for in-person KYC verifications. The service, available in key Egyptian cities, will allow users to gain instant access to credit. Mylo is expanding nationwide to increase financial inclusion.
Mylo, a fintech company from B.TECH, has received approval from Egypt’s Financial Regulatory Authority (FRA) to offer fully digital onboarding services. This service eliminates the need for in-person KYC verifications, providing instant access to financial services. Mylo is expanding nationwide, with services available in key Egyptian cities.
LoftyInc Capital Management has secured $43 million for its LoftyInc Alpha Fund to support emerging tech startups across Africa, focusing on key markets such as Nigeria, Egypt, and Kenya. The fund will invest in health tech, deep tech, and AI sectors, with at least 30% allocated to East and North Africa.
Riyadh Air has partnered with IBM to integrate AI into its operations, aiming to provide a seamless, world-class travel experience. The collaboration will leverage IBM’s watsonx platform and AI technologies to optimize customer interactions, flight operations, and digital transformation, marking Riyadh Air as the world’s first digital-native airline.
Nigeria plans to deploy 90,000km of fibre optic cables starting in 2025, backed by a $700 million funding boost. This expansion aims to increase internet access to 70% of the population, reduce internet costs by 60%, and connect over 200,000 educational, healthcare, and social institutions.
Egypt’s Ministry of Trade and Industry has launched a mobile app to streamline investor support, enabling easy submission of complaints and inquiries. Available for Android, with an iOS version soon, the app allows investors to track submissions and receive prompt follow-ups, enhancing efficiency and modernizing services.
Egypt will participate in 26 projects under the INTERREG NEXT MED programme, funded by the EU. The projects will focus on sectors such as SMEs, tourism, education, environmental sustainability, and climate change. The programme aims to promote smart, sustainable, and inclusive development across the Mediterranean Basin.
Johan Buse has been appointed as the new CEO of Banglalink, succeeding Erik Aas. Buse, with decades of telecom experience, will drive Banglalink’s transition from a mobile operator to a digital service provider. His leadership aims to accelerate digital expansion and contribute to Bangladesh’s economic growth.
The UAE Cybersecurity Council has identified over 1,200 cases of digital begging in 2024, particularly during Ramadan. Fraudsters use fake accounts, emotional videos, and deepfake technology to deceive the public into donating. Authorities are enhancing cybersecurity measures and urging the public to verify donation requests and report suspicious activities.
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