Saudi Arabia saw a 14% annual increase in expatriate remittances in April, totaling SR11.35 billion. Payments from Saudis also rose by 30%, reaching SR4.94 billion. This growth is driven by new development projects, improved economic conditions, digitalization, and supportive regulatory reforms, enhancing the ease of doing business.
Algeria’s “Switch mobile” project enables instant interbank transfers and account-to-account payments via QR codes, connecting bank and Algeria Post applications. This initiative, part of the National Electronic Payment Strategy, aims to enhance financial inclusion and modernize payment methods in Algeria.
PhonePe has partnered with PickMe to offer UPI-based payments for Indian travelers in Sri Lanka, enhancing convenience and security for tourists while supporting digital transformation in the country’s transportation sector.
Madayn has partnered with Sadad Electronic Payment Gateway to introduce electronic payment services for investors and business owners. This agreement includes installing self-service payment machines at Masar Service Centres, promoting digital transformation, and enhancing user experience. The partnership also involves training national cadres and providing maintenance opportunities for SMEs.
Telecom Egypt reported a 1.83% increase in Q1-2024 net profit, reaching EGP 3.88 billion. Consolidated operating revenues grew to EGP 17.48 billion. The standalone net profit rose to EGP 4.38 billion, with operating revenue at EGP 12.59 billion. The company plans to enhance cost efficiency and monetize assets generating foreign currency returns.
HSBC has launched Omni Collect, a new e-commerce digital payment platform in the UAE, in partnership with Saudi-based FinTech Geidea. Omni Collect allows HSBC business clients to access card receivables and gain insights into collections data, simplifying payment processes across multiple channels and enhancing business decision-making.
Grubtech raised $15 million to expand its restaurant management platform globally, with new offices planned in Saudi Arabia, Europe, and the UK. The funding, led by Jahez, supports Grubtech’s growth in managing digital operations for over 700 brands in 18 markets.
ZainCash has implemented Temenos core banking and payments solutions to enhance its digital services in Iraq. The platform will help ZainCash scale rapidly, offer new services, and promote financial inclusion by reaching 3 million users, including the unbanked population, by the end of the year.
Telecom Egypt has secured a $200 million medium-term loan from Banque Misr UAE to refinance short-term facilities. The five-year loan will be repaid using foreign currency revenues, enhancing the company’s liquidity and aligning with its proactive capital expenditure strategy to mitigate forex risks.
e-finance has acquired stakes in Al Ahly Momken (25%) and EasyCash (13%) to expand its digital payments presence in Egypt, supporting Vision 2030. This partnership aims to leverage e-finance’s technology to develop innovative payment solutions, enhancing services for over 90,000 merchants and 5 million customers.
