Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
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.
Vodacom and Orange are in talks to form a strategic partnership to explore infrastructure deals in Africa. The collaboration aims to reduce costs by sharing infrastructure and expanding rural connectivity, focusing on markets like Egypt and the Democratic Republic of Congo.
Airtel Africa repaid a $550 million bond, cutting foreign currency debt. Despite currency challenges, the company focuses on growth through strategic investments and a share buyback program. CEO Ogunsanya highlights innovation and partnerships to boost performance and competitiveness.
Bayanat reported a 12% YoY revenue increase to AED113 million ($31 million) for Q1 2024, with a 9% growth in net profit. Key growth drivers included strong product offerings and strategic partnerships. The company emphasized significant investments in R&D and a strategic partnership with Microsoft to enhance AI services.
Zain Group’s Q1 2024 results show a 5% revenue increase to $1.5 billion, with an EBITDA of $480 million. Despite challenges in Sudan, strong performance in Iraq, Kuwait, KSA, and Jordan bolstered growth. The group remains focused on mitigating Sudan’s impact through various operational measures.
Robi Axiata, Bangladesh’s second-largest telecom operator, reported a 154% year-on-year profit increase in Q1 FY24, driven by revenue growth and reduced forex losses. The company’s focus on expanding its 4G network and digital services has significantly contributed to this growth, aligning with its strategic vision for digital transformation.
Zain Bahrain discloses Q1 2024 financials, revealing a 25.3% decline in net profit but a 7.4% revenue surge, driven by innovative data solutions. Despite challenges like start-up costs for its Fintech subsidiary, the telecom giant launches Bede, a Shariah-compliant Fintech Mobile App, and upgrades its 4G network for improved user experiences.