Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
PayTabs Group has acquired a majority stake in PayTabs Egypt, expanding its digital payment solutions in the country. The acquisition will enhance PayTabs’ ability to support local businesses, financial inclusion, and Egypt’s transition to a cashless society, while continuing to strengthen its position as a regional leader in digital payments.
Bangladesh’s mobile financial services (MFS) reached a record-breaking Tk 1.64 trillion in transactions in December 2024. The country’s total mobile banking transactions for 2024 were Tk 17.37 trillion, marking a 28.42% increase compared to 2023. MFS accounts also grew significantly, reaching 238.6 million by December 2024.
EFInA CEO Foyinsolami Akinjayeju discussed the organization’s collaboration with the Nigerian Communications Commission (NCC) and other agencies to expand connectivity in rural Nigeria. Despite high mobile and internet penetration, limited infrastructure has hindered financial inclusion. Ongoing projects aim to enhance connectivity and improve access to financial services through digital technology.
Aani, the UAE’s central bank-backed instant payment platform, has enrolled 1.5 million users and is on track to drive further digital payments adoption. The platform facilitates real-time transfers via mobile numbers, emails, and QR codes, with plans for expanded features like QR payments for businesses, international remittances, and direct debits.
Basata has increased its stake in MadfoatCom to 25%, reinforcing its role in advancing digital payments and financial inclusion in Jordan. This collaboration, alongside Jordan Kuwait Bank and the Social Security Investment Fund, will drive innovative payment solutions for businesses and consumers, focusing on SMEs.
Souhoola and Visa have partnered to launch a prepaid card through Banque Misr, aimed at enhancing financial inclusion in Egypt. The card allows flexible payments and seamless shopping, aligning with Egypt’s Vision 2030. The service will help customers manage expenses and make informed financial decisions, launching in 2025.
Basata has increased its stake in MadfoatCom to 25%, strengthening its role in advancing digital payments and financial inclusion in Jordan. The partnership, backed by Jordan Kuwait Bank and the Social Security Investment Fund, focuses on enhancing digital payment solutions, money transfers, and supporting SMEs through financial tools.
Basata Holding has increased its stake in MadfoatCom to 25%, aiming to accelerate digital financial inclusion and enhance digital payments in Jordan. The partnership will focus on scaling digital payment services and supporting SMEs with financial tools. The collaboration involves key Jordanian financial institutions, including Jordan Kuwait Bank.
Entlaq, in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands, launched a Fintech Report highlighting Egypt’s growing financial technology sector. The report outlines key trends, challenges, and opportunities, positioning Egypt as a leader in MENA’s fintech space and emphasizing the importance of financial inclusion.
Egypt’s financial inclusion rate reached 74.8% by the end of 2024, with 52 million citizens using transaction accounts. This growth is attributed to efforts in empowering women, youth, and entrepreneurs with accessible financial services. It aligns with Egypt’s Vision 2030 and aims to promote economic empowerment and digital banking.