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Fawry’s fortune is partly due to the COVID-19 pandemic that caused more people to place a high demand for its e-payment offerings. Being the leading fintech company in Egypt, Fawry’s revenue for the first half of 2020 increased by 47% to EGP 549.26M, from EGP 373.33 generated in 2019.Fawry has joined the rank of African companies that have become unicorns. Jumia was the first to attain unicorn status after listing on the New York Stock Exchange. Interswitch also became a unicorn after Visa acquired minority stakes last year. All three have attained global recognition, credibility, and reputation. The unicorn status creates a good public perception for investors and potential customers.

Fawry’s fortune is partly due to the COVID-19 pandemic that caused more people to place a high demand for its e-payment offerings. Being the leading fintech company in Egypt, Fawry’s revenue for the first half of 2020 increased by 47% to EGP 549.26M, from EGP 373.33 generated in 2019.

Ashraf Sabry and Mohamed Okasha founded Fawry in 2008. It has an online payment gateway for business owners to transact with customers via cash, credit cards, and e-wallets. In 2019, Fawry listed about 36% (254.6M) of its ordinary shares on the Egyptian Stock Exchange. It initially sold at EGP 6.46 per share, and then it tripled to EGP 18.78 at a market cap of EGP 13.3B in July 2020. After going public, other investors took an interest that led to a significant increase by over 300% in its stock price since its debut at the Egyptian Stock Exchange.

The National Communications Authority (NCA) has sanctioned Mobile Network Operator (MNO), MTN Ghana for failing to comply with directives which were sent to them following some challenges with their network recently. In the directive, the Authority directed MTN to submit a report on the challenges within 24 hours of receipt of the directive among other directives.

While refugees need immediate humanitarian aid, of course, they generally struggle to find work or start a business over the long-term. That’s, in part, because financial institutions usually won’t lend to them. The fund also will be the first institutional investment opportunity from Kiva Capital Management, an asset manager slated to launch as a subsidiary later this year. The organization describes it as "impact-first", that is, returns will be concessionary.

The Ghanaian unit of African telecommunication giant MTN Group Ltd. is petitioning the highest court to review a declaration that it is a significant market power. Failure could result in stricter regulation.

Despite the fact peer-to-peer lending has numerous benefits over the classic model, it also has certain potential drawbacks, such as lower level of security and personal guarantees as compared to bank loans. This is why only the most reputable P2P lending marketplaces with a positive track record are potentially able to boost the entire fintech industry.

"Not only are you empowering people who are living in poverty to make meaningful choices for basic human rights, you are also helping children to understand their responsibility to give back to the global community and appreciate the quality of life they enjoy."

Kiva receives a broad range of support from a diverse set of corporations and foundations. From discounted services and free software, to grants and financial backing, Kiva is grateful for each partner that helps us achieve our mission of expanding financial access to help underserved communities thrive. (Please note that the corporations and foundations listed have made contributions of either grants, loan funds, equipment or services in the last 30 months.)