Delivering financial inclusion and growth capital 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.