Inspiring Africa's Sustainable Business Growth
SUDAN – Bloom, a Sudanese fintech that provides a high-yield savings account and related digital banking services, has raised US$6.5 million in a seed round. Bloom’s founders say this seed round will help the Sudanese- and Dubai-based startup execute its expansion plan across the Anglo-East African region such as Ethiopia, Kenya, Rwanda, Tanzania and Zambia. A few competitors in the…
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EGYPT – Fawry, a provider of e- payments solutions and digital banking services, has announced that it has finalized an investment in alsoug.com, Sudan’s largest online classifieds platform and marketplace, to help build out alsoug’s new fintech platform, Cashi. Fawry has acquired a strategic minority stake in the alsoug.com/Cashi holding company, marking the Company’s first venture capital investment outside of…
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SUDAN – The Boards of Directors of the African Development Bank Group (AfDB) has approved a proposal for the clearance of about US$413 million in arrears on loans owed by Sudan to the institution, marking a major milestone in the country’s re-engagement with international financial institutions and the global economy. The proposal enables the Bank to proceed with clearing Sudan’s…
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SUDAN – United Capital Bank (UCB), one of the leading financial institutions in Sudan that offers a wide range of financial products and services to corporates, has launched the first ever visa card in the country. Sudanese Prime Minister, Dr. Abdalla Hamdok, hailed the first Visa card issued in Sudan as a symbol of Sudan’s long-awaited reintegration in the global…
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SUDAN – Managem, a Moroccan mining company, has signed a previously announced partnership with the Wanbao Mining Group, for the development of gold extraction projects in Sudan. According to a press statement from Managem, the mining company has acquired 65% stake in Block 15, also known as the Gabgaba gold mine in Sudan. The Chinese Wanbao will hold the remaining…
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SUDAN – Faisal Islamic Bank sudan (FIB) in partnership with Network International, the leading enabler of digital commerce across Africa and the Middle East, has become the first indigenous Sudanese bank to obtain a card issuing and acquiring a license from Mastercard. Through the bank’s partnership with Network International, Faisal Islamic Bank will issue Mastercard-branded debit, credit, and prepaid payment…
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KENYA – East African nations of Sudan and South Sudan have signed a number of agreements that involve oil production in the two countries. The countries have agreed upon the need to increase oil production in South Sudan, to use and benefit from the expertise and capabilities available in Sudan, and to speed up procedures to open a coordination office…
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SUDAN – The African Development Bank (AfDB) approved financing in the form of a grant for US$14.96 million project to help women in Sudan access finance and grow their businesses. The Accelerating Women’s Entrepreneurship and Access to Finance (AWEAF) project will address capacity, financing, and knowledge gaps for Sudan’s women entrepreneurs. The project aims to help women to access quality…
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SUDAN – Bolloré Transport & Logistics, a major international transport and logistics operator, has been awarded a contract to provide medical warehousing solutions to UNHCR, the UN Refugee Agency in Sudan. To this end, Bolloré Transport & Logistics has invested in an 800 SqM warehouse located in the New Industrial Area in Jebra, Khartoum in close proximity to the city’s…
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SUDAN – An unnamed United Arab Emirates solar companies have committed themselves to building several large-scale PV plants across Sudan. The new solar power projects would be granted a 20-year PPA and would be Sudan’s first solar parks. Sudan’s minister for energy and mining, Khairy Abdul Rahmanhas and the general director of the Abu Dhabi Fund for Development, Mohamed Saif Al Suwaidi, signed a…
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