Delivering financial inclusion and growth capital in Egypt

By Georgia Wilson
Ovamba, Singularity and TradeTech Innovator have partnered to provide financial inclusion and growth capital to small and growing businesses in Egypt...

In an announcement made by Ovamba, Singularity and TradeTech Innovator, the three organisations have partnered to provide financial inclusion and growth capital to small and growing businesses in Egypt.

“With this partnership we at Singularity have been able to expand our financial ecosystem offering; by adding a set of bank grade products that are tailored for our part of the world. Even more so we are empowered to start offering this tool to other Banks and MFIs to start rolling out their own platforms; this allows for a true disruption in how we as a country can reach financial inclusion”. He went on to add, “Singularity's ability to contribute to such an important national directive is enhanced by our partnership with Ovamba which will allow for even more disruption on the Pan-African level,” commented Mohamed Taysir, CEO & Co-Founder of Singularity.

As part of the partnership Singularity has become the first to sign a reseller agreement with Ovambra, which gives the company the rights to sell Ovamba;s digital solutions to banks, microfinance institutions and other alternative providers of trade finance to SMEs in Egypt.

“we are really excited about this partnership. Ovamba has invested significantly in BankPartner™, Pamoja™ and Jasmeera™. Embedding Islamic finance elements into our technologies and business systems has proven to be very effective at de-risking small business finance. Egypt is an important market, and Singularity is well positioned to pioneer in an era of business growth for small businesses and digital engagement for Financial Institutions,” added Co-Founder & President of Ovamba, Viola Llewellyn.

Both Ovamba and Singularity, when discussing their future outlook, commented that they expect to be fully engaging banks and serving businesses in the first quarter of 2021.

For more information on business topics in Europe, Middle East and Africa please take a look at the latest edition of Business Chief EMEA.

Follow Business Chief on LinkedIn and Twitter.


Featured Articles

Abu Dhabi Airports prepares for Terminal A opening

A decade in the making, Abu Dhabi International Airport welcomes 6,000 volunteers to test operational readiness of stunning new Terminal A building

Business Chief expands portfolio with new look and coverage

Business Chief Middle East & Africa launches with fresh new look and extended coverage of the region, with exclusive executive interviews and insights

How Octopus Energy grew to become an industry giant

Octopus Energy continues to grow after a deal was agreed to acquire Shell Energy in the UK and Germany, taking its customer base to almost seven million

Perkbox CEO: How to support employees through tough times

Human Capital

How Middle East is embracing the future of digital finance

Corporate Finance

UAE Lulu Group shifts business for global growth and IPO

Corporate Finance