Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
IHC has acquired and rebranded UAE’s eFunder as Zelo, enhancing digital invoice financing to bridge the SME working capital gap with fast, scalable, and sector-focused funding solutions supporting regional economic growth.
The OECD report underscores fintech’s transformative role in Egypt’s SME sector, highlighting regulatory advances, digital inclusion, and ongoing challenges. It calls for strengthened infrastructure, literacy, and collaborative innovation to sustain fintech’s growth and impact.
In 2024, Algeria’s FGAR funded 386 SMEs with a total of USD 427 million, creating over 8,000 jobs. The fund provided loans and financial guarantees across various sectors and regions, supporting business growth. Additionally, it recently expanded loan offerings to include both investment and operating loans.
Numou, a digital lending marketplace, has launched to streamline SME financing in the UAE. The platform connects businesses with a variety of lenders, reducing paperwork and processing time while increasing access to funding. The initiative supports the UAE’s economic growth by empowering SMEs with better financing options.
Rakbank and Magnati have teamed up to introduce a new SME financing platform, allowing merchants to access credit facilities through real-time transaction data from Magnati’s POS system. The platform offers services like business loans, equipment financing, and more, helping SMEs enhance their financial capabilities.