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STARTUP WATCH- Cairo-based investment platform Thndr was awarded Egypt’s first new brokerage license since 2008, according to a company statement (pdf). The mobile-first equities trading platform offers three zero-commission plans, including one unpaid scheme and two plans priced at EGP 15 and EGP 55 per month. Thndr secured a pre-seed funding round last December from Y-Combinator, 4DX Ventures, Endure Capital, the Raba Partnership, and MSA Capital, Co-founder and CEO Ahmad Hammouda (Uber Egypt’s former general manager) said, without disclosing the size of investment.

Ahmed Wadi, the startup’s CEO and founder, says they plan to spread their reach across Egypt (they are currently concentrated in Cairo) as well as expand to other countries in Africa.  Wadi founded MoneyFellows in 2016 and reportedly raised $1 million in a pre-Series A round last year, with the participation of 500 Startups and Dubai Angel Investors.  

Founded in 2017 by Charmaine Hayden, Orla Enright, Ashley Thompson-MacCarthy and Richard Mensah, GOODsoil comprises 50% female and 75% black partners, all young, serial entrepreneurs intent on becoming catalysts of economic growth for minority founders across Africa.

Zeepay focuses on digital rails to connect digital assets. The company has a footprint in more than 20 African markets and, in April 2020, became the first indigenous company to be awarded the Electronic Money Issuer (EMI) license to operate as a mobile financial services company by the Bank of Ghana, the regulator of banking and financial services.

Ismail Ahmed, founder and CEO at WorldRemit, states that WorldRemit customers can send money with just a few taps on their smartphone and that the new cash pick up service in Algeria enables people in the diaspora to send money to be collected as cash at financial brands back home. WorldRemit customers currently send over 500,000 transfers every month

Digital money transfer service WorldRemit has launched new cash pick up services in Algeria. With the WorldRemit app or website, people in more than 50 countries can send instant money transfers to more than 125 destinations. WorldRemit customers can now send money to be collected as cash from any branch of Trust Bank Algeria.

Digital money transfer service WorldRemit has launched new cash pick up services in Algeria.

To minimise risk, shops where the services are available buy credit in advance from Fawry before they collect any money from the public, earning a cut from the fees.

“Acceptance is critical to us and we have been keen to develop solutions to expand the acceptance footprint,” he says. “The alliance with Fawry helps this by adding segments that were not accessible before. It is a typical fit with our strategy for penetrating the unbanked segment.”

The rise of online banking around the world has helped other economies solve these very challenges. Cash, for example, is hard to transport. Coins and bills are prone to theft, and their use makes dodging taxes easier for those so inclined. For individuals who must pay in person, getting across a gridlocked city like Cairo is logistically difficult. Together, these problems can constrain an economy. In Egypt, where 94 percent of all transactions were cash as recently as 2014, such a system stymies economic growth.

Fawry is part of a new wave of technology companies ushering Egypt into the digital age. Many of these firms are helping transform industries like banking, health care, and transport, and in the process creating good jobs for young Egyptians, more than 30 percent of whom are unemployed.

BelCash founder Vince Diop does not believe a limited network or high illiteracy rate will be a barrier for introducing mobile banking.

BelCash and M-Birr are mobile banking technology providers that have been in Ethiopia for the last three years to set up mobile banking and mobile money services.

EthioPay which specializes in cross-border payments to Ethiopia he is currently in TYE competing to win funding for EthioPay.  In his journey of understanding what it truly means to help others, he has uncovered the power of innovation. Innovation is the act or process of introducing new ideas, devices, or methods. Through his own life experiences of being a first-generation Eritrean American, he has found at the crossroads of innovation and entrepreneurship lies impact.

the popular mobile money transfer program, came to be in Kenya. It’s narrated by Michael Joseph, the managing director of mobile money at Vodafone and the program’s founder.

The animation was produced as part of a series of online courses designed and delivered by the USAID Mobile Solutions Team, QED, and TechChange, a DC-based organization that specializes in online training for international development.

Founded in 2019 by Uber Egypt’s former General Manager Ahmad Hammouda, Thndr is starting with a Robinhood-like mobile-first equities trading platform that enables people to invest in stocks in The Egyptian Exchange.

Ahmad Hammouda, the co-founder and CEO of Thndr, said, “Our vision is to put wealth in the hands of everyday individuals. With the rise of technology, and the foresight of a very supportive Financial Regulatory Authority, we can make this vision come to life — Egypt is expected to be the 7th largest economy by 2030 and has more than 100 mn people, most of which are young and are looking for a convenient and digital way to invest their money. That’s why we are excited to bring a new breed of young investors to the market.”

Founded in 2015, Agrocenta operates a mobile merchanting platform that provides market information, storage and delivery solutions to smallholder farmers in Ghana. According to co-founders Francis Obirikorang and Michael Ocansey, their flagship app, CropChain which enables trade between smallholder farmers and consumers, has rapidly grown from 3,000 to 48,000 registered farmers. The startup also provides credit and insurance facilities for smallholder farmers via its LendIt app.

WorldCover investor and EchoVC founder Eghosa Omoigui believes the startup’s insurance offerings can actually help farmers improve yield. “Weather-risk drives a lot of decisions with these farmers on what to plant, when to plant, and how much to plant,” he said. “With the crop insurance option, the farmer says, ‘Instead of one hector, I can now plant two or three, because I’m covered.’ ”

WorldCover’s platform uses satellite imagery, on-ground sensors, mobile phones and data analytics to create insurance options for farmers whose crop yields are affected adversely by weather events — primarily lack of rain.

The company is keen to work with companies specialising in the financial technology (fintech) solutions field, to contribute to the development of the Egyptian capital market sector. The most prominent of these partnerships includes a contract with the Egyptian Company for Information Dissemination (EGID). The latter company has been the approved authority for distributing information to EGX listed companies in the country for more than 20 years. “By using technology and introducing an easy-to-use application, we hope to remove all barriers users face, whether by making the account opening process easier or reducing costs,” said Saif Amr, co-founder of Thndr. He added, “We help companies by facilitating dealing in the Egyptian Stock Exchange, but we intend to offer other investment options soon to suit all segments.”

Thndr, an Egypt-based startup has announced that it has received the first new brokerage license in the country in over a decade. Thndr recently acquired the necessary licensing from the Financial Regulatory Authority (FRA). 

Ahmad Hammouda, Co-Founder and CEO at Thndr said Egypt is expected to be the 7th largest economy by 2030 and has more than 100 million people, most of which are young and are looking for a convenient and digital way to invest their money. “That’s why we are excited to bring a new breed of young investors to the market” he added.

We work across Africa and Asia, and in 2019 alone, we facilitated crop and livestock insurance cover to 1.1mln farmers and have offered our products in 11 markets from Senegal, Mali, Nigeria, Ethiopia, Kenya, Rwanda, Uganda, Tanzania, Malawi, Zambia, and Mozambique. Since starting in 2015 our products have reached over 3.4mln households. Our Founders work in insurance has been recognized by several international awards including the Financial Times/IFC Award for Sustainable Finance, the Singapore Fintech Festival, Womens World Banking, Credit Suisse, and InsureTech3.0.

Jumo’s beta site went live yesterday, accompanied by puff pieces in the New York Times, Huffington Post, and Mashable.  Sample line: “If everything goes according to Chris Hughes’ plan, Nov. 30, 2010 will be remembered as a critical and celebrated moment for the multi-billion dollar nonprofit and charitable industry.”  Typical techno-boosterism.

We are honoured to have the opportunity to collaborate with some of the leading minds in AI and ML to accelerate the extension of financial services to the billions of un(der)-served people in the world. We’re at a critical point in our business where we are focused on leveraging the latest technology to increase customer eligibility and decrease unequal access to quality financial products in emerging markets.” JUMO founder and CEO Andrew Watkins-Ball 

This milestone has been reached just over 18 months after crossing the US$1B mark in 2019, and indicates exponential growth in the access to and availability of working capital for customers, with an average customer default rate of less than 5%. Andrew Watkins-Ball, Founder & Group CEO, said this achievement is evidence of the success of JUMO’s unique business model, its ability to reach unbanked populations and to provide market-leading infrastructure for financial services.