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mehdibella

Egypt's Fawry is now a billion-dollar company - 1 views

  • Fawry had witnessed a surge in its stock price during the first two months after its public markets debut but the price afterward remained almost flat until March – when they also saw it drop to one of its lowest points of EGP 7 per share. But since then, it has been on an upward trajectory – which also coincides with Covid-19.
    • tahaemsd
       
      the pandemic has created a surge in demand for electronic payment services and Fawry being the leading player in Egypt benefitted a lot from that.
  • Fawry that is the only technology company on The Egyptian Exchange currently offers over 250 electronic payment services through its network of over 105,000 service points across 300 cities in Egypt – that include ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks.
    • kenza_abdelhaq
       
      Fawry has a large network of service points and diversified services spread out in different cities in Egypt.
  • The pandemic has created a surge in demand for electronic payment services and Fawry being the leading player in Egypt obviously has benefitted a lot from that – which is also evident from company’s just-announced financials for the second quarter.
    • kenza_abdelhaq
       
      The demand for electronic payment services mainly provided by Fawry in Egypt increased in the context of the pandemic.
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  • Share7KTweetShareWhatsAppEmail7K SharesEgyptian electronic payments company Fawry now has a market cap of over $1 billion. It achieved the feat during the intraday trading, with its share price rising to EGP 22.69 which gives it a market cap of EGP 16 billion or $1 billion (for the first time). With this, Fawry has become the first technology company in Egypt to get to the billion-dollar valuation.
    • kenzabenessalah
       
      It's important to keep in mind that Fawry started out small and then became the first technology company in Egypt to get a market cap of $1 billion.
  • Egyptian electronic payments company Fawry now has a market cap of over $1 billion. It achieved the feat during the intraday trading, with its share price rising to EGP 22.69 which gives it a market cap of EGP 16 billion or $1 billion (for the first time). With this, Fawry has become the first technology company in Egypt to get to the billion-dollar valuation.
    • ayachehbouni
       
      This achievement was partly, or mainly, due to the Covid-19 pandemic that pushed many people to place a high demand on Fawry's many e-payment solutions and services.
  • Its revenue for the first half of 2020 has increased by 47 percent (year-on-year) to EGP 549.26 million ($34.41 million) from EGP 373.33 million ($23.38 million) for the same period of 2019. The net profit of the company in H1 2020 has increased by over 135 percent YoY to EGP 85.9 million ($5.38 million) from EGP 36.47 million ($2.29) in H1 2019.
    • hibaerrai
       
      Fawry leads the Fintech Egyptian Market, its stock price has increased, and its revenue has increased as well in 2020.
  • Its stock price has increased by over 300 percent since its debut at The Egyptian Exchange in August last year. It had gone public with its shares priced at EGP 6.46 (per share).
  • Egypt's Fawry is now a billion-dollar company
  • Its stock price has increased by over 300 percent since its debut at The Egyptian Exchange in August last year. It had gone public with its shares priced at EGP 6.46 (per share).
    • mehdibella
       
      Fawry had witnessed a surge in its stock price during the first two months after its public markets debut but the price afterward remained almost flat until March -
  • Its revenue for the first half of 2020 has increased by 47 percent (year-on-year) to EGP 549.26 million ($34.41 million) from EGP 373.33 million ($23.38 million) for the same period of 2019. The net profit of the company in H1 2020 has increased by over 135 percent YoY to EGP 85.9 million ($5.38 million) from EGP 36.47 million ($2.29) in H1 2019.
    • mehdibella
       
      The pandemic has created a surge in demand for electronic payment services and Fawry being the leading player in Egypt obviously has benefitted a lot from that - which is also evident from company's just-announced financials for the second quarter
  •  
    "Fawry that is the only technology company on The Egyptian Exchange currently offers over 250 electronic payment services through its network of over 105,000 service points across 300 cities in Egypt - that include ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks."
  •  
    Fawry that is the only technology company on The Egyptian Exchange currently offers over 250 electronic payment services through its network of over 105,000 service points across 300 cities in Egypt - that include ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks.
mehdi-ezzaoui

Fawry plans to acquire minority stakes in 2 companies in Egypt, expand into Arab countr... - 1 views

  • "By the end of this year, we will have an investment or two in the companies we are studying," he clarified.    Sabry said that the company, which also operates in the UAE, has a plan to expand in the region. "During this year, we will be present in at least two Arab countries.”
    • kenza_abdelhaq
       
      Fawry plans to invest in one or two companies in two Arab countries as part of its expansion strategy.
    • nouhaila_zaki
       
      This excerpt is important because it introduces Fawry's expansion plans whether geographically (in the Arab region) or in terms of companies acquires (investment in other companies, here 2).
    • hibaerrai
       
      Fawry is planning on taking its fintech to the next level by acquiring two companies this year. The goal is to be present in at least two different arab countries, and I believe it is an interesting strategy to grow more in the MENA region.
  • Fawry’s CEO pointed out that the company, which invests about LE 120 million annually in developing its technologies, focuses more on increasing its investments in banking services, mobile devices and commercial chains.
    • kenza_abdelhaq
       
      Fawry investing in diversifying its services to include banking services, mobile devices, and commercial chains.
  • In August 2020,  Fawry became a Unicorn officially, Fawry’s former Managing Director Mohamed Okasha announced on his LinkedIn account, clarifying that the company’s market capitalization hit $1 billion.   A unicorn is a business term to indicate a privately held startup company valued at over $1 billion.   Fawry is the first Egyptian company to reach a market cap of $1 billion.
    • kenza_abdelhaq
       
      Fawry is the first Egyptian company to reach a market capitalization of $1 billion and officially become a unicorn.
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  • Fawry, currently owned by five local, foreign and Arab funds, was established in 2009 and is operating in the field of banking technology and provides financial services to individuals and companies. The management and employees account for about 8 percent of the company's shares.
    • nouhaila_zaki
       
      This excerpt is important because it reflects the structure of equity and ownership in Fawry. Indeed, it explains that management and employees of Fawry account for 8% of the company's shares.
  • Fawry offered 36 percent of its shares on the Egyptian Exchange (EGX) in 2019 to collect LE 1.6 billion; of which about 21 percent will be offered to Actis, Banque Misr and National Bank of Egypt at 7 percent each.The remaining 15 percent is divided into a public offering of small investors by about 5 percent, and 10 percent are floated to financial institutions and major investors.
  •  
    ""By the end of this year, we will have an investment or two in the companies we are studying," he clarified.    Sabry said that the company, which also operates in the UAE, has a plan to expand in the region. "During this year, we will be present in at least two Arab countries.""
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  •  
    ""By the end of this year, we will have an investment or two in the companies we are studying," he clarified.    Sabry said that the company, which also operates in the UAE, has a plan to expand in the region. "During this year, we will be present in at least two Arab countries.""
  •  
    ""By the end of this year, we will have an investment or two in the companies we are studying," he clarified.    Sabry said that the company, which also operates in the UAE, has a plan to expand in the region. "During this year, we will be present in at least two Arab countries.""
  •  
    Fawry for banking and electronic payments technology plans to acquire minority stakes in a company or at least two during the current year in addition to expanding in a number of Arab countries, according to the company's founder and CEO Ashraf Sabry
mehdi-ezzaoui

Ethio-Pay Celeb - 0 views

Ethio-Pay Celebrates Official Launch, Finally   Consumer pressure urged the last bank to join the integration line   The belated national e-payment switch, Ethio-Pay, serving the integr...

Ethippay

started by mehdi-ezzaoui on 12 Feb 21 no follow-up yet
mehdi-ezzaoui

Ethio-Pay Celeb - 0 views

Ethio-Pay Celebrates Official Launch, Finally   Consumer pressure urged the last bank to join the integration line   The belated national e-payment switch, Ethio-Pay, serving the integr...

Ethiopay

started by mehdi-ezzaoui on 12 Feb 21 no follow-up yet
omarlahmidi

Ethiopia launches mobile money schemes to extend banking reach | Reuters - 0 views

  • BelCash’s helloCash service could have 2-3 million users this year and 10 million by 2017 or 2018, the firm’s chief executive Vince Diop said, adding that BelCash would receive a fee for each transaction made.
    • sawsanenn
       
      this excerpt is important because it shows how effective belcash is. and how an African country is willing to ensure financial inclusion and increase deposits by using financial technology.
  • BelCash’s helloCash service could have 2-3 million users this year and 10 million by 2017 or 2018, the firm’s chief executive Vince Diop said, adding that BelCash would receive a fee for each transaction made.
    • ghtazi
       
      in this excerpt, we can see that the service can have 10 million users by 2017 or 2018. we can aslo see the belcash would receive a fee for each transaction made.
  • Netherlands-based BelCash is offering a technology called helloCash, while MOSS ICT, mainly owned by an Ireland-based firm, is rolling out M-Birr in the nation of 96 million people.In both cases, Ethiopian banks and institutions will offer the service to customers and hold the cash deposited, in line with government policy that bars foreign firms or banks from investing in the financial sector or the telecoms industry.
    • nourserghini
       
      This article discusses the case of Belcash and M-Birr as two fintechs offering similar services which can lead us to say that M-Birr is a competitor of Belcash in Ethiopia.
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  • Bankers say Ethiopia has no more than 1,500 ATM cash machines, while there was just over 2,200 bank branches as of June, or one for every 40,000 people, the central bank says. Only one in 10 people have a bank account.In addition to branches, which are expensive to set up, banks plan to authorise thousands of agents, such as shops or merchants, in line with new regulations. Such agents will be able to take deposits and hand out cash via the mobile system.
    • aymanelmamoun
       
      Cashless mobile payment application replace ATMs so that unbanked people can join. Only one out of 10 people is banked.
  • Ethiopian banks and microfinance firms are launching mobile money services, helping reach swathes of the population that now have little access to branches or services, the mobile technology providers and banks said.
    • omarlahmidi
       
      Belcash could make a lot of profit in Ethiopia. It offers a technology called helloCash, that will help customers and offer them a better service.
nouhaila_zaki

A Global Success from Kenya - Banking - Credit Suisse - 0 views

  • It is no exaggeration to say that Kenya's economy depends on M-Pesa. According to the Central Bank of Kenya, the value of all transactions between June 2013 and June 2014 represented 39 percent of the country's GDP. M-Pesa moves more than one billion Swiss francs per year, and in fiscal year 2014 it earned the parent company 268 million francs, an increase of 21.6 percent over the previous year.
    • nouhaila_zaki
       
      This excerpt is important because it highlights the role of M-Pesa as the backbone of the Kenyan economy, without which it may collapse.
  • It all started eight years ago – because of the family members who stayed home. As in most countries in sub-Saharan Africa, most of Kenya's population are farmers who live on the land. Young people in search of an education and jobs are drawn to the cities. If those earning money in the city wanted to support their parents financially, they long had to rely on uncertain and risky methods. They could send cash with a neighbor or a bus driver who happened to be driving through their village. Or they could send a postal money order, but that could take weeks, often failed to arrive, and in any case was possible only if the recipient had a post office box. This was about as unlikely as having a bank account.At the time, in 2007, several million Kenyans owned a cell phone with a Safaricom number. Then this phone number essentially became a virtual bank account number. Starting in March of that year, Safaricom customers could upload money to their cell phone and send it to other Safaricom customers. It arrived within minutes, and the recipient was informed with a text message. The money could be forwarded or received as cash from an M-Pesa agent.Two weeks after introducing the service, Safaricom had nearly 20,000 active M-Pesa users. After seven months, there were one million. Today,  20 million customers in Kenya are registered. More than 83,000 agents in cities and rural areas assist customers in uploading, sending and receiving money. Rural Kenyans with no banking options leaped from the agricultural age straight into the digital tomorrow.And transferring money from one cell phone to another was only the start. Today, users can pay their electricity and water bills, get cash from an ATM, buy airline tickets, add phone time, buy concert tickets, pay the taxi driver or butcher and take out a small loan, perhaps to purchase a solar panel that brings electricity to their home for the first time. 
    • nouhaila_zaki
       
      This excerpt is excellent at narrating how the idea of M-Pesa came to be. Indeed, the founders observed that when young people living in cities wanted to financially support their parents who are still in the countryside, they had to rely on risky and lengthy methods. Also, the founders observed that several million Kenyans owned a cellphone with a Safaricom number. Hence, they decided that this phone number would become a virtual bank account number to which Safaricom customers could upload money and send it to other Safaricom customers. Today, transferring money is not the only thing M-Pesa provides, since user can now pay their electricity and water bills, retrieve cash from ATMs, buy airline tickets, add phone time, buy concert tickets, pay taxi drivers or butchers or take loans, or even purchase a solar panel to bring electricity at home for the first time.
mehdibella

Carbon , Nigerian fintech startup processed $240M payments transactions in 2020 - Techg... - 0 views

  • In 2012, two brothers, Chijioke Dozie and Ngozi Dozie, founded Carbon, a Nigerian digital bank start-up. Carbon began as a digital lending company, but now the company provides a variety of services, from payments to savings to investments. According to Dozie, “Our annual report will be released in the second quarter after our financial audit is complete, to gain customer trust, Chijioke Dozie, the CEO, told ProWellTech in 2019 that the company will make Carbon’s financials public.” If you note, before we published the 2019 fiscal year update, we released a year under review in January 2020.Gross profits, profit or loss before and after tax, liabilities and equity, total assets, etc. are included in Carbon’s annual report. Carbon’s year of analysis reveals processed payments, client base, disbursed loans, and investments made on the platform. The business with about 659,000 customers processed N96.54 billion (~$241.35 million) according to Carbon’s year of analysis for fiscal year 2020, which is up 89 percent compared to the same period a year earlier. N25.51 billion (~$63 million) was the disbursement volume for its lending arm, an improvement of 9.1 percent from the 2019 financial year. Investments worth N13.02 billion (~32.55 million) were made on the site, up by 365 percent from FY 2019.The factors that affected these numbers last year, according to the company, included the launch of an iOS app that pushed clients Acquisition, introducing its feature for low-income customers with USSD banking services; and a social chat feature to allow faster transactions. Besides that, Carbon obtained a microfinance bank license in an attempt to become a digital bank. The license implies, according to Dozie, that Carbon’s customers are given additional protection by the Nigerian Deposit Insurance Corporation through depositor insurance. The standard Carbon wallet is now a full-fledged bank account, Dozie says, and clients will transact on the platform like any bank would.
    • samiatazi
       
      Carbon's analysis year offers statistics on processed purchases, user base, loans paid out and network expenditures. The corporation has processed 96,54 billion (241,35 million dollars) last year with around 659,000 customers. N25.51 billion represented a 9.1 percent increase over the 2019 budgetary year for the disbursement of the lending arm. Carbon was invested in N13.02 billion ($32.55 million), up 365% from FY 2019.
  • Carbon , Nigerian fintech startup processed $240M payments transactions in 2020 - Techgist Africa | Africa Leading Tech
mehdibella

South African fintech startup Jumo raises second $50M+ VC round | TechCrunch - 0 views

  • South African fintech startup Jumo closed a $55 million round from a diverse group of investors, the company confirmed.
  • Nigeria, in particular, has become Africa’s unofficial capital for fintech development, surpassing Kenya in 2019 for drawing the most fintech specific and overall VC on the continent
  • Jumo joins a growing list of African digital-finance startups raising big money from outside investors and expanding abroad.
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  • Jumo is active in six markets and plans to expand to two new countries in Africa (Nigeria and Ivory Coast) and two in Asia (Bangladesh and India).
    • mehdibella
       
      Jumo joins a growing list of African digital-finance startups raising big money from outside investors and expanding abroad.
  • “I’m excited for our next phase. This backing will help us build a better business and break new ground,” Jumo founder Andrew Watkins-Ball said.
    • ghtazi
       
      the company has closed around 55 million USD from many investors, which will help the company to expand its products and reach new objectives
  • Founded in 2015 and based in Cape Town, the venture offers a full tech stack for partners to build savings, lending, and insurance products for customers in emerging markets.This week’s funding follows a $52 million raise by Jumo in 2018, led by U.S. investment bank Goldman Sachs, that saw the startup expand to Asia.“This fresh investment comes from new and existing…investors including Goldman Sachs, Odey Asset Management and LeapFrog Investments,” Jumo said in a statement —  though Goldman told TechCrunch its participation in this week’s round isn’t confirmed.After the latest haul, Jumo has raised $146 million in capital, according to Crunchbase.With its latest raise, the company plans to move into new markets and launch new products in Asia and Africa.
    • nouhaila_zaki
       
      This excerpt is important because it describes first what Jumo proposes as product/services offerings. Thereafter, it tackles the history of funding secured by Jumo in addition to the list of investors that support the company. Finally, the excerpt explains how Jumo intends on investing the money raised, namely expansion in new markets in Asia and Africa in addition to the launch of new products.
  • Nigeria, in particular, has become Africa’s unofficial capital for fintech development, surpassing Kenya in 2019 for drawing the most fintech specific and overall VC on the continent
    • sawsanenn
       
      this excerpt is important because it shows us how jumo expending not only in Africa but also in Asia making fintech grow all over the world
  •  
    JUMO is attracting investors and that means JUMO is doing a great job. Investors are believing in this business and they want to be part of it. That's what happens when you believe in an idea and work hard to improve it.
chaimaa-rachid

MTN pumps millions into MoMo as it nears 2m users in SA | ITWeb - 1 views

  • According to Kamenga, key success factors of mobile wallets are distribution networks and building an ecosystem around the product to encourage usage and transactions.“These are the areas where the previous deployment was lacking. The new MTN Mobile Money service comes with new innovative features that cater to the current economic landscape and consumer behaviour.
  • The MTN Mobile Money (MoMo) platform is closing in on a total of just over two million users since its relaunch in February.
  •  
    This article emphasizes the importance of a good ecosystem and distribution networks for the success of mobile fintech solutions. I liked how the article linked between the telecommunication systems and fintech solutions like MoMo.
  •  
    The new platform (MoMo) has reached 2 million users as it is easy and secure, with no monthly expenses, you can also use it even if you don't have a bank account.
nouhaila_zaki

CEO Interview: Egypt's first unicorn Fawry aims to lead in financial inclusion | ZAWYA ... - 0 views

  • Aversion to electronic financial service remains one of the challenges facing fintech in Egypt, an attitude that COVID-19 has helped mitigate, according to Sabry. Mobile wallet transactions, one of Fawry’s main services, witnessed “phenomenal growth” as soon as a partial lockdown was imposed. The company’s mobile app reached a record high of more than a million downloads between March and June.
    • nouhaila_zaki
       
      This excerpt is important because it discusses how the pandemic has helped Fawry with its growth by suppressing the challenges it usually faced.
  • More than two-thirds of Egypt’s adult population do not have a bank account, and even those who do rarely have full access to financial services. At the other extreme, mobile phone penetration in the country is estimated at over 95 percent, and the number of mobile internet users has reached more than 42 million. For Ashraf Sabry, CEO of e-payment unicorn Fawry, this is a huge business opportunity.
    • nouhaila_zaki
       
      This excerpt is important because it explains the circumstances that contributed to Fawry's success, being the large unbanked population in Egypt coupled with the fast mobile phone penetration in the country.
  •  
    "Aversion to electronic financial service remains one of the challenges facing fintech in Egypt, an attitude that COVID-19 has helped mitigate, according to Sabry. Mobile wallet transactions, one of Fawry's main services, witnessed "phenomenal growth" as soon as a partial lockdown was imposed. The company's mobile app reached a record high of more than a million downloads between March and June."
kenza_abdelhaq

How Africa's Tech Generation Is Changing the Continent - 0 views

  • Bosire and Kimani launched FarmDrive in May 2015. The digital recordkeeping platform serves as a basis for bankers to establish credit ratings and determine which farmers are best suited for small loans. FarmDrive’s pilot program consisted of 50 farmers. Today hundreds of thousands are in FarmDrive’s database; about 830 have received financing. In turn the banks pay FarmDrive for essentially functioning as their credit bureau for Kenya’s vast farming community. The two entrepreneurs have no intention of stopping there. “There are more than five million small farmers in Kenya,” Bosire says. “Throughout Africa it’s about 50 million. But when we started FarmDrive, we always had global ambitions. We’re building solutions for farmers in Asia too.”
    • hibaerrai
       
      FarmDrive is now among popular agritech in Kenya, and Africa. The two creators are not stopping here, and are planning to expand their business to Asia and the world. I believe that the fact that customers who have issues with IT can easily use the platform, shows how big the fintech will be. It is a huge selling point.
  • But if it’s true that Kenya’s relative stability has contributed to Bosire and Kimani’s success, it’s also true—and typical of the Kenyan entrepreneurial experience—that FarmDrive has succeeded with little encouragement from the national government. In sub-Saharan Africa, Kenya and Nigeria have achieved tech preeminence more from venture capital flowing into those large countries than from government action.
    • kenza_abdelhaq
       
      The main source of FarmDrive financing is venture capital investments. The company received very little help from the government.
  •  
    "But if it's true that Kenya's relative stability has contributed to Bosire and Kimani's success, it's also true-and typical of the Kenyan entrepreneurial experience-that FarmDrive has succeeded with little encouragement from the national government. In sub-Saharan Africa, Kenya and Nigeria have achieved tech preeminence more from venture capital flowing into those large countries than from government action."
mehdibella

Why this Nigerian fintech startup is volunteering audited financials | TechCrunch - 0 views

  • Nigerian fintech firm Carbon — an early-stage financial services startup based in Lagos — has posted on its website financials audited by KPMG.This comes four months after the company obtained a credit rating as a pre-IPO venture. Carbon — which recently rebranded its OneFi holding company and PayLater product titles into one name — plans to continue releasing its financial results on an annual basis, co-founder and CEO Chijioke Dozie told TechCrunch.This may not be totally unheard of in other global tech markets, but for startups in Africa’s big tech hubs — such as Nigeria — it’s a rarity.One of the first glimpses into startup financials in Nigeria came when Jumia shareholder Rocket Internet went public in 2014, which required it to include limited Jumia data in its annual report. The accompanying prospectus to Jumia’s listing this year on the New York Stock Exchange offered the most expansive financial data to date on a tech venture operating in Africa.Prior to this — and still for the most part — companies in the continent’s (mostly) pre-public (earlier-stage) startup hubs — such as Nigeria — provide little to no financial performance info.“Typically, in the local market, we have not seen a lot of voluntary transparency or the availability of data,” said Lexi Novitske — a Lagos-based VC investor at Acuity Venture Partners.“Most startups are concerned such disclosure could expose losses, give market intel to competitors or attract unwanted attention from regulators. It could also lead to negative negotiation leverage if partners saw that they were making good returns.”So why’d Carbon go to the trouble of putting its pre-public accounting out in the open for anyone to see?
  • Clients and recruiting were two reasons. “From a customer perspective, we are trying to get people to trust us with their financial services…so they can see this is the institution I’m dealing with and this is their financial position,” explained Carbon’s Dozie.Carbon has evolved from its original focus as an online lender to offer a broader array of mobile-based financial services — including payments, investment products, credit reports and business banking services. In March, the company acquired Nigerian payment solutions company Amplify for an undisclosed amount.By stats offered by Briter Bridges and a 2018 WeeTracker survey, fintech now receives the bulk of VC capital and deal-flow to African startups, many of which are attempting to reach the continent’s large unbanked and underbanked populations.Carbon fits into that category and its CEO believes being upfront about the startup’s financial position will attract top talent. “From a recruitment perspective, we want recruits to know we have good prospects — that this is a company that’s doing well and wants to keep doing well,” said Dozie.That impression is buoyed by Carbon’s initial results, which were fairly positive for a Series A-stage startup. The company had revenues in 2018 of $10 million, according to its online annual report, and turned a profit of around $500,000.It’s helped with recruiting interest, according to Dozie, who said he’d marked an increase in candidates inquiring about open positions since the results were posted.
    • samiatazi
       
      the main leypoints of this article: Nigerian fintech firm Carbon posts financials evaluated by KPMG. Carbon as of late rebranded its OneFi holding organization and PayLater item titles into one name. The organization had incomes in 2018 of $10 million, as indicated by its online yearly report.
  • we don’t get considered because investors don’t really think that you can get the results or this performance in the markets that we’re in,” he added — noting that Carbon has operations in Nigeria, Ghana and South Africa and is considering expansion in Senegal, Côte d’Ivoire, DRC and Egypt.Investor Lexi Novitske thinks Carbon offering financial performance data is a good thing for Africa’s tech ecosystem. “The move builds trust from clients, partners or investors in a market where there is not a lot of openness,” she said. “I am encouraged to see how other companies will react. My hope is that more will openly report their own metrics…”Dozie says the company will continue to post audited financials on an annual basis, even if they show losses. If the startup continues to expand, attract capital and talent and grow revenues, other Nigerian fintech firms may follow suit.
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  • Why this Nigerian fintech startup is volunteering audited financials
  • Clients and recruiting were two reasons. “From a customer perspective, we are trying to get people to trust us with their financial services…so they can see this is the institution I’m dealing with and this is their financial position,” explained Carbon’s Dozie.
  • Carbon has evolved from its original focus as an online lender to offer a broader array of mobile-based financial services — including payments, investment products, credit reports and business banking services. In March, the company acquired Nigerian payment solutions company Amplify for an undisclosed amount.
kenza_abdelhaq

Robo-Advisors - Business Models and Strategies | ccecosystems.news - 0 views

  • As mentioned in the last article, it is not possible to define exactly what a robo-advisor is, as the individual providers offer a range of services of varying breadth. In fact, robo-advisors have long since ceased to offer mere recommendations or advice, and most providers are steadily expanding their services into a fully integrated solution. Accordingly, people now associate a robo-advisor with a platform that can also be used to make an investment directly (see [Bloch/Vins 2017, 114]). However, this service, for example, is linked to certain regulatory requirements, which are presented below. It should be noted here that this is the regulatory framework in Germany. In terms of regulation, four business models can be distinguished in the area of robo advisory services:
    • kenzabenessalah
       
      Since EasyEquities is about investment, having roboadvisors that provide financial advice would create more value to the company and would target more segments.
  • investment brokerage (german: Anlagenvermittlung),investment advice (Anlagenberatung),acquisition brokerage (Abschlussvermittlung), as well asfinancial portfolio management (Finanzportfolioverwaltung), also known as asset management.
    • nouhaila_zaki
       
      This excerpt summarizes the business models that can be distinguished in the area of Robo-advisory services. The main difference between these business models lies in who is responsible for making the investment decision.
  • Robo-advisors can follow an active or passive investment approach not only in terms of their product range, but also in the composition of the individual products. In active management, for example, the market is constantly monitored and, on the basis of this, the securities that appear to be most advantageous at a given time are included in the portfolio. This targeted approach is described as so-called “stock picking” (see [Müller/Pester 2019, 229f]). Due to market fluctuations, there are thus regular purchases and sales of securities with the aim of achieving a higher return than the passive market. In the course of this, the percentage distribution of the asset classes in the portfolio can also be continuously adjusted and regular risk assessments carried out. As a result, the portfolio may be subject to constant change. The passive management approach is based on the strategy of maintaining the portfolio created at the beginning, including the asset allocation and the defined securities, unchanged and independent of market fluctuations. If a change in asset allocation should occur due to market fluctuations, the original state can be restored through various adjustment methods, also called “rebalancing”. In contrast to active management, this adjustment is not carried out on an ongoing basis, but at predetermined times or according to specific rules. In so-called “periodic rebalancing”, a restoration of the asset allocation is carried out as needed at the time of a previously defined temporal interval change. Another variant of rebalancing provides for an adjustment only if the portfolio value exceeds or falls below a previously defined mark, the threshold
    • nouhaila_zaki
       
      This excerpt distinguishes between Robo-advisors' active investment approach and passive investment approach, based on their product range but also on the composition of the individual products. Understanding the difference between the two approaches would allow us to better formulate strategies that incorporate Robo-advisory in them.
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  • Online asset management has been experiencing a rapid rise in Germany for several years. Since 2017, the number of users has grown by a factor of 7 from around 291,000 in 2017 to around 2.01 million in 2020 (cf. o.V. 2020), while the investment volume has increased more than tenfold from around 756 million euros to 8.068 billion euros (cf. o.V. 2020). Two factors in particular are key to this trend
    • kenza_abdelhaq
       
      robo-advising or online asset management has been growing rapidly during the past years due to loss of trust in personal banking advisors amid the 2007 financial crisis and the new generation that prefers digital interactions.
kenza_abdelhaq

Egyptian fintech in 2021: The journey ahead [Part Two] - Wamda - 0 views

  • We are at a stage where it is no longer optional for banks to go all in on digital. Banks that want to lead the market will have to do a lot more than just embracing digital. A few days before 2020 ended, NBE announced the acquisition of a 24 per cent stake in Aman, similarly, Fawry and Banque du Caire have set up a joint remittance service while Banque Misr has partnered with digital payments app, Masary.
    • kenza_abdelhaq
       
      Fawry and Banque du Caire partnered up to introduce a joint remittance service as part of expansion and diversification.
  • We have already seen a heightened level of activity in the first few days of the new year. Fawry’s microfinance subsidiary raised EGP310 million in debt to fuel expansion.
    • kenza_abdelhaq
       
      Fawry raising a capital of EGP310 million to invest in expansion.
  •  
    "We are at a stage where it is no longer optional for banks to go all in on digital. Banks that want to lead the market will have to do a lot more than just embracing digital. A few days before 2020 ended, NBE announced the acquisition of a 24 per cent stake in Aman, similarly, Fawry and Banque du Caire have set up a joint remittance service while Banque Misr has partnered with digital payments app, Masary."
nourserghini

Mobile currency in Kenya: the M-Pesa | Centre For Public Impact (CPI) - 0 views

  • M-Pesa “grew at a blistering pace following its inception in 2007.” [1] In less than two years from its launch, M-Pesa had become the leading money transfer method in the country, with over 50 percent of people sending money via M-Pesa and over 65 percent receiving funds through the system in 2009. By 2015 there were 19.9 million active M-Pesa users, up 18 percent from 2013/14. It is said that 43 percent of Kenya's GDP flowed through M-Pesa, with over 237 million person-to-person transactions.
    • kenzabenessalah
       
      M-PESA grew tremendously as a company that over 50% of people began using it.
  • M-Pesa is an SMS-based system that enables users to deposit, send and withdraw funds using their mobile phone. Customers do not need to have a bank account and can transact at any of the country's 40,000 agent outlets. Registration and deposits are free and pricing for most other transactions is based on a tiered structure to allow even the lowest-income users to use the system. Transaction values are typically small, ranging from US$5 to US$30.
    • nourserghini
       
      This part shows that the range value of transactions are from 5 to 30 dollars. Pricing is also based on a structure to allow all income users to benefit from the service.
nouhaila_zaki

JUMO.WORLD: About | LinkedIn - 0 views

  • JUMO is a financial technology company that partners with banks, MNOs and other e-commerce players to deliver progressive financial choices to customers in emerging markets across Africa and Asia. At JUMO we connect people to opportunities. Two billion people worldwide have limited access to formal financial services such as borrowing and saving. We’ve built a large-scale, multi-sided technology platform and designed progressive financial choices to reach them. We use their digital footprint to create a financial identity using only behavioural data. Our customers are in emerging markets across Africa and Asia. Most of them are micro and small to medium enterprises who need instant access to finance so they can grow and invest. So far we’ve served more than 10 million customers and disbursed over 40 million loans – and the numbers are rising daily.
    • nouhaila_zaki
       
      This excerpt provides us with a great overview about Jumo. It describes Jumo as a financial technology company that has different partners in several fields. Thereafter, it describes the Jumo's customer base (people who don't have access to formal financial services, who live in emerging markets in Africa and Asia, and who have micro/small/medium enterprises they need to finance), and explains how the company tries to reach its audience.
mohammed_ab

Fawry survey shows Egyptians spend an estimated 240 million hours per year to make due ... - 1 views

  • AIRO: There is a growing demand among Egyptian consumers for more convenient payment methods, according to a recent survey conducted by Fawry, the first nationwide electronic payment service in Egypt. Over 90 percent of Egyptians said that saving time was their primary concern when it comes to paying bills.
    • hibaerrai
       
      Even if Fawry is the leader in the egyptian market, consumers still require more services as they want the app to be more efficient and time saving.
  • Ashraf Sabry, CEO of Fawry, said, “Research conducted for Fawry by IPSOS showed that 85.6 percent of respondents surveyed are seeking more efficient payment methods for household bills. The average Egyptian family has between 15 to 17 regular payments to make. These include mobile and landline bills, utilities, insurance, school or university fees and much more.
  • Fawry was established in response to growing consumer demand for alternative payment methods that simplify the process of receiving bills and paying them. Fawry today has 12,000 Fawry payment points across the country, that form one-stop-shop, instant, multiple-bill payment locations
  •  
    These two excerpts show that most Egyptians seek a convenient and quick way to pay bills as the number of daily transactions made by one household exceeds 15. Fawry came up with the right digital solution for these people whom 80% of them don't have a bank account.
mehdibella

Kenya's FarmDrive Receives Additional Investment Led By Existing Backer - 0 views

  • This FinTech startup founded by two Kenyan women is positioned to reach 3 million smallholder farmers in Kenya in the next 5 years.
  • FD uses mobile technology, predictive modelling, AI and a customer first approach to democratize access to loans to all farmers; ensuring farmers can apply for a loan from any type of phone and receive a decision on their loan application in seconds. FD has achieved this by building multiple channels of access and a fully automated lending process.
  • Previously, FD received $50,000 USD of early-stage seed funding from EWB Canada to develop their platform and prove to financial service providers that smallholder farmers are profitable clients.
    • mehdibella
       
      In the last 4 years, FD has seen that their loans increase the productivity and incomes of farmers and has led to reduced costs, increased scale, and improved quality of agricultural portfolios for lenders.
  • ...2 more annotations...
  • In the last 4 years, FD has seen that their loans increase the productivity and incomes of farmers and has led to reduced costs, increased scale, and improved quality of agricultural portfolios for lenders.
  • FarmDrive (FD), a Kenyan startup set to unlock millions of dollars in loans for smallholder farmers in Kenya and sub-Saharan Africa, received a follow-on investment from EWB Canada last month, with participation from AK IMPACT INVESTORS, 1 to 4 Foundation, ADAP SEED FUND 2 and The Lakes Charitable Foundation.
    • kenza_abdelhaq
       
      FarmDrive received financing from different global parties.
kenza_abdelhaq

Digital Innovation in Emerging Markets: A Case Study of Mobile Money | MIT CISR - 0 views

  • We describe the success of M-PESA in Kenya and the subsequent disappointment when M-PESA was replicated in Tanzania. We show how emerging markets are likely to be more different from than similar to one another. Thus, companies should consider a strategy of exploration as they attempt to expand within emerging markets. 
  • In 2008, a year after launching in Kenya, Vodafone attempted to replicate this success in neighboring Tanzania, a country that resembled Kenya in many important ways—size of population (40+ million) and main languages spoken (Swahili and English), as well as levels of literacy, unbanked, and mobile phone usage. But M-PESA in Tanzania did not grow on anything like the scale and scope of M-PESA in Kenya
  • M-PESA was initially developed by Vodafone as a mobile-based, microfinancing application funded partially by the UK Department for International Development to extend financial access to the unbanked populations in East Africa.
    • kenza_abdelhaq
       
      Developed by the mobile telecommunications company Vodafone, M-Pesa was first a microfinancing solution promoting financial inclusion in East Africa.
  • ...2 more annotations...
  • Managed by the corporate social responsibility (CSR) group within Vodafone, M-PESA was designed for a niche market: microfinancing institutions and their clients. The project was intended to be low-cost, low-key, small in scale, and modest in scope—focused on addressing issues of financial inclusion within the developing world. 
    • kenza_abdelhaq
       
      M-Pesa's niche market: microfinancing institutions and their clients.
  • The redesigned M-PESA system launched in Kenya in April 2007, growing rapidly through uptake and user innovation of new services. Now used by over 17 million Kenyans—which is more than two-thirds of the adult population—it is estimated that annually some 31% of the country’s GDP flows through it.
    • kenza_abdelhaq
       
      - Important customer reach. - Facilitates the transfer of funds as 31% of the country's GDP flows through the platform.
  •  
    I think that this article shows something very important that we should into consideration in our capstone research. It shows how the same service was launched in very similar African countries, yet the penetration and growth results were far from the same. It's important because it shows that if we want to use a fintech strategy followed by a foreign company to an African one, it could result in very bad consequences even if this same strategy works for the foreign company.
  •  
    "M-PESA was initially developed by Vodafone as a mobile-based, microfinancing application funded partially by the UK Department for International Development to extend financial access to the unbanked populations in East Africa. Managed by the corporate social responsibility (CSR) group within Vodafone, M-PESA was designed for a niche market: microfinancing institutions and their clients. The project was intended to be low-cost, low-key, small in scale, and modest in scope-focused on addressing issues of financial inclusion within the developing world. "
mohammed_ab

Electronic Transactions Reshape Egypt's Economy - 3 views

  • 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.
  • Sabry, a former salesperson at IBM Egypt, launched Fawry because he knew these issues kept Egypt’s economy from achieving its promise. The early years were lean as the company worked to convince tech-wary Egyptians that Fawry’s systems were secure—and that their money wouldn’t disappear into an electronic void.
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  • “Time is of the essence, and Fawry saves me a lot of it,” says Shawky, who owns three electronics stores in the Egyptian capital.
    • kenzabenessalah
       
      Fawry is available for its customers day and night which attracts a large range of people.
  • It was something that Cairo-based shop owner Nader Shawky had come to dread: paying his phone bill. Every month, he trekked to the offices of his mobile provider where he and dozens of others stood in line—sometimes for up to two hours—to settle their bills. It was, he admits, a maddening process.
    • samielbaqqali
       
      By providing online banking financial administrations that allow you to cover your bills, transfer cash, and access a record of your checking account transactions from your internet browser, Fawry makes the life of its clients less difficult. Banking from anywhere, at any time of day or night, makes it a little easier to do anything you do about your finances.
  • Fawry, a fast-growing Cairo-based company that specializes in electronic payments, makes it possible for Shawky to take care of his accounts online.
  • Fawry’s growth has had a profound effect on Egypt’s economy, says Akef el Maghrabi, the vice chairman of Banque Misr, one of Egypt’s biggest banks and an early Fawry partner. “When you eliminate or reduce the reliance on cash, then you fight corruption, you provide convenience, you lower costs, and you grow the economy. [Electronic payments] do a lot of good for the country.”
    • ayachehbouni
       
      With a system that relies mainly on cash transactions, the economy faces too many challenges that stops its growth and development. For instance, cash is hard to transport, coins and bills can easily be stolen, and their use makes dodging taxes and corruption easier.
  • IFC invested $6 million in Fawry in 2013 and helped guide founder Ashraf Sabry and his team as they built their business. Now the 12-year-old company handles 2.5 million transactions a day. In 2018 Fawry processed 40 billion Egyptian pounds (about $2.5 billion) in electronic payments. Earlier in 2019, Fawry became Egypt’s largest financial technology firm to list on the national stock exchange. It now employs 1,600 people.
    • samielbaqqali
       
      By providing online banking financial administrations that allow you to cover your bills, transfer cash, and access a record of your checking account transactions from your internet browser, Fawry makes the life of its clients less difficult. Banking from anywhere, at any time of day or night, makes it a little easier to do anything you do about your finances.
  • As the Fawry network grew, shop owners who installed the system saw significant benefits, too. Fawry’s terminals drew new customers into stores, providing the consumer traffic that is the lifeblood of small shops. Mahmoud El Rawy, a grocery store owner and father of three, can attest to that. His shop struggled until he installed a Fawry payment terminal. “Fawry has had a big impact on my business,” says El Rawy, who now owns three supermarkets. “It helped bring me more customers and it’s why many come to me now.”
  •  
    Fawry is making the life of its customers less difficult by offering online banking financial administrations that empower you to cover your bills, move cash, and access a record of your checking account transactions from your internet browser. Banking from anywhere, at any time of the day or night, makes all what you do with your finances somewhat simpler.
  • ...1 more comment...
  •  
    Fintech is providing a very fast business and customer are really satisfied with it. I think that fast service is the main objective of Fintechs.
  •  
    Fawri is helping Egyptians in handling their bills online rather than spending hours on this kind of processes if done traditionally.
  •  
    It's interesting to see that Fawry has a positive impact on its customers but also its business partners like small show owners.
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