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With international travel facing continued uncertainty amid the global Covid-19 pandemic, remittances on the African continent are moving from informal channels requiring travel and in-person contact to formal channels. The weakening of informal remittance practices has contributed to accelerated growth in the formal remittance sector, including for ECP portfolio company Mukuru.

GLC Paints is providing EGP 500 grants to construction painters through Fawry outlets across Egypt in an initiative to help those affected by the ongoing coronavirus (COVID-19) pandemic.The move by GLC Paints comes as part of its corporate social responsibility (CSR) programme. The company has also responded to government and social calls for private sector companies to support workers in the current conditions.

People across the world are economically impacted by the COVID-19 Coronavirus pandemic. Funding these loans will provide a financial safety net during an uncertain time, in addition to leading borrowers on a path to recovery.

Fawry is the leading digital transformation & E-payment platform in Egypt, offering financial services to consumers and businesses through more than 194,000 locations and a variety of channels. In addition Fawry considered as a provider of payment gateway in Egypt and e-commerce solutions. Know More

Scott Eddington, WorldRemit’s Managing Director for Asia Pacific, said: "We are proud of our history of helping customers send money back home to friends and family in the Pacific Islands, and this new partnership with Digicel will strengthen our offering and give even more choice to consumers. It couldn’t come at a better time – travel restrictions continue to impact on tourism and the movement of seasonal workers, and COVID-19 has created a step-change shift in consumer behaviour towards digital options such as mobile wallets."

For its part, AXA Assurance Maroc announces that it will reimburse medical expenses for video consultation for disease declaration files submitted by AXA policyholders. These files are supplemented by the prescription and the payment receipt received by email from DabaDoc. 

DabaDoc met à disposition des patients la possibilité de prendre rendez-vous en ligne depuis la plateforme DabaDoc.com et d’échanger avec un médecin à distance sans se déplacer. Le service de consultation vidéo a été activé par DabaDoc pour tous les médecins adhérents, sans engagement.  Un lien unique et sécurisé est généré à chaque rendez-vous et transmis aux patients et aux médecins par SMS pour démarrer leur vidéo.  Le service ne nécessite pas le téléchargement d’une application mobile et fonctionne directement sur Chrome (Android) et Safari (iOS).

De son côté, AXA Assurance Maroc annonce qu'elle assurera le remboursement des frais médicaux de consultation vidéo pour les dossiers de déclaration maladies soumis par les assurés AXA. Ces dossiers sont complétés par la prescription et le récépissé de règlement reçus par courriel de DabaDoc. 

Since the launch of the partnership in June 2020, WorldRemit customers in over 50 countries – including the United Kingdom, United States, Australia, New Zealand, Canada and Europe – have been able to send money to their loved ones in Zimbabwe who are in need of financial resources as the coronavirus pandemic draws out. Beneficiaries can collect their WorldRemit remittance at any of Mukuru’s 150+ orange booths and multiple branches located across Zimbabwe in both rural and peri-urban areas.The cash pick up service is operational six days a week and customers will not have to endure long queues. They can collect their cash quickly and safely.

Mukuru, which is based in the city of Cape Town, said that it had seen a rise in users during the coronavirus pandemic – caused in part by customers choosing to prioritise remittances to family. Remittance services were designated as essential during the coronavirus lockdowns in South Africa – offering firms such as Mukuru a lifeline as customers in some verticals sought continued services. The firm has also paired up with global money transfer brand WorldRemit to offer what was described by Mukuru’s chief executive as “broader, deeper pay-out networks” that tackled the network’s “white space” issues.

“The demand for agricultural raw materials from offtakers in the brewery, manufacturing and consumer sector is increasing exponentially because of the easing of the COVID-19 restrictions that were put in place by the government of Ghana, hence this capital injection will help to secure purchases at fair and transparent prices from smallholders — a much needed lifeline for many who are at the proverbial bottom of the pyramid.”

This is a significant milestone for AgroCenta, having the support of leading institutions, particularly with the COVID-19 backdrop, underlining the strength of AgroCenta and the importance of its mission,” they said. 

MTN, Africa’s biggest mobile carrier, has continued to weather COVID-19 pressures in Nigeria, recording double-digit growth in data revenue and fintech services in the six months ending June.

Pula, a five-year old insurtech startup, provides small scale farmers with agricultural insurance to help manage the risk of enduring extreme conditions. Insurtech is one of the fast-growing sub-sectors of the fintech, which has booming with investors in African startups.

Pula will also be expanding to Asia, targeting smallholder farmers as it has in Africa, with a focus on Philippines, Thailand, Turkey, and Pakistan. “What we’ve realized is that African solutions are in no way inferior to Asian, European solutions

Since it was founded in 2015, Pula has impacted 4.3 million farmers across 13 African markets. Goslinga says key to Pula’s business model is helps insurance companies better understand the risks of small scale farming.With an average premium subscription of $4 for small-scale farmers in Africa, Pula actually markets the insurance product to banking partners rather than directly to farmers. The banks make the insurance mandatory before they approve loans to the farmers.

Fawry gets CBE nod to partner with state-owned bank for transfer service: E-payments platform Fawry has received preliminary approval from the Central Bank of Egypt (CBE) to set up a bank transfer service for Egyptian expats; the service will be offered in partnership with an unnamed state-owned bank, CEO Ashraf Sabry tells Al Mal. Fawry has been in talks with several local and regional banks — including the National Bank of Egypt (NBE), Bank of Alexandria, Banque du Caire, and ADIB — to set up the remittances service for Egyptians living in the Gulf since last year, former managing director Mohamed Okasha said in December, saying at the time that the service would initially be rolled out in the UAE, Kuwait, and Saudi Arabia. Remittances, particularly from expats in the GCC, are a key source of foreign currency for Egypt and helped to narrow its current account deficit through the worst of the pandemic in 3Q2019-2020.

Fawry is a pioneering Electronic Payment Network, offering financial services to consumers and businesses through more than 65 thousand locations and a variety of channels. It offers a convenient and reliable way to pay bills and other services in multiple channels (online, using ATMs , mobile wallets and retail points) The company's network of retailers includes small groceries, pharmacies and stationaries, and post-offices, all equipped with point-of-sale machines – the same ones used for credit card payments

JUMO partnered with Uber to create JUMO Drive, a first-of-its-kind digital vehicle asset finance product for rideshare drivers.

JUMO partnered with Telenor and Telenor Microfinance bank to launch the first commercial product in Asia.

The first funding partner was introduced to the operating platform. JUMO’s partnership with Letshego Bank in Ghana enabled payment and capital providers to work together to build products.

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