Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Khazna, an Egyptian fintech startup, has raised $16 million in pre-Series B funding, bringing its total funding to over $63 million. The company provides financial services like salary advances and microloans to low-income workers. It plans to expand into Saudi Arabia and apply for a digital banking license in Egypt.
Halan Microfinance Bank, expanding into Pakistan, plans to enhance financial inclusion through digital and microfinance services. With a focus on underserved communities, the company aims to provide unsecured loans, vehicle financing, and Shariah-compliant products. Halan has already acquired Advance Microfinance Bank and plans to double its customer base in Pakistan.
Easypaisa has become Pakistan’s first digital retail bank after receiving commercial approval from the State Bank of Pakistan. Supported by Telenor and Alipay, Easypaisa has evolved from a mobile wallet service to a full-fledged digital bank, with 50 million registered users and a significant role in the country’s financial inclusion.
Easypaisa has become Pakistan’s first Digital Retail Bank after receiving approval from the State Bank of Pakistan. This transition from a microfinance bank to a digital bank marks a significant milestone in the country’s financial services landscape, offering comprehensive banking solutions entirely online to millions of Pakistanis.
Qi has launched its groundbreaking 3rd Generation App, SuperQi, in Iraq, integrating digital banking and a super app. The app, developed with Ant International and powered by Alipay+, offers diverse services such as payments, transfers, and loans. SuperQi aims to drive financial inclusion and modernize Iraq’s economy.
IFZA and Abu Dhabi Islamic Bank (ADIB) have signed an MoU to provide businesses within the IFZA community with enhanced financial solutions, including streamlined account opening and tailored financing options. The partnership aims to foster economic growth, supporting entrepreneurs and SMEs with digital banking services and personalized advisory support.
Kuwait Finance House (KFH) has expanded its digital services through the KFHonline app, introducing features like instant money transfers, online financing requests, and banking card management. With over 150 services on the app and additional services at smart branches, KFH is enhancing customer convenience and leadership in digital banking.
Mashreq Pakistan has received a restricted license from the State Bank of Pakistan (SBP) to begin pilot operations as a digital retail bank. The bank plans to offer Islamic banking solutions and digital services to millions of retail customers, contributing to financial inclusion and economic development in Pakistan.
SuperQi, launched by Qi Card in partnership with Ant International, is a next-generation digital app combining banking and lifestyle services. Aimed at boosting financial inclusion in Iraq, the app offers services like payments, transfers, loans, and mobile recharges. It targets over 15 million users, promoting a cashless society.
Egypt has seen a remarkable 181% increase in financial inclusion over the past eight years, with 71.5% of eligible citizens gaining access to banking services. Key initiatives, including targeted events and programs for underserved groups, have contributed to this growth, fostering economic development and access to financial services across the nation.