The Mastercard Center for Inclusive Growth and RISE announce significant progress of their joint wage digitalization project in Egypt, which aims to enhance financial inclusion and resilience among garment workers.

The acquisition will support Tamweely’s domestic growth strategy and boost its competitiveness and resilience, enabling it to become one of the country’s leading microfinance providers.

The initiative aims to raise awareness among young people about digital literacy, enhance digital financial inclusion, and encourage youth to join the financial sector and benefit from banking products and services. 

The investment, brokered by CARE Social Ventures, will significantly expand efforts to ensure women and girls have the digital and financial access they need to thrive in today’s world.

Licensed digital/online money lenders, who are diverting from the newly issued digital lending guidelines issued in March by the Uganda Microfinance Regulatory Authority (Umra), risk having their licenses revoked, the sector regulator has warned.

Through the partnership, the two entities will provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online platform, powered by SAVA’s Payment Transaction System, that includes digital bank accounts and accounting integration tools.

This partnership is poised to significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals.

Symbiotics Investment granted Money Fellows, an Egyptian fintech, a $2.25 million loan to digitize money circles and expand its operations locally.

The move comes within the framework of the bank’s plans to achieve financial inclusion and boost the sector of micro-sized enterprises in Egypt.

The financial backing aims to enable the microfinance institution to support more SMEs in a context marked by economic challenges in Egypt.