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Opay to Launch a Digital Bank in Egypt

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OPay, an emerging market fintech unicorn, intends to launch a $60 million digital bank in Egypt. The fintech declared its plan to apply for a licence yesterday, in accordance with the Central Bank of Egypt’s newly established rules for licensing and registration of digital banks, as well as control and supervision.

Opay stated that it intends to improve its services through innovation and the newest technical solutions in order to make financial and banking transactions easier for Egyptian consumers.

Mahmoud Khedr, director of business development and partnership at OPay, said: “We are excited to obtain a licence to establish a digital bank in Egypt, and to work hand-in-hand with the Central Bank of Egypt and all concerned authorities to start this step, which represents a new beginning to keep pace with global developments in the field of financial technology.”

Khedr added that OPay has five years of experience in the financial technology sector in the countries in which it operates, which, he said represents “a real impetus towards achieving success and achievement in Egypt”.


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FBNQuest Trustees Set to Host an Estate Planning Clinic in Ibadan

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FBNQuest Trustees, a subsidiary of FBNHoldings, and a leading provider of trust solutions to individuals, corporate entities, and government institutions, is hosting an Estate Planning Clinic in Ibadan, Oyo State, Nigeria. The event will take place on May 30, 2024.

The forum’s theme is “Preserving Legacies Across Generations” and aims to educate residents from Ibadan and environs about the importance of estate planning in accordance with relevant legislation. The session will be led by experienced professionals with in-depth knowledge and extensive experience in estate planning.

The focus of this event is generational wealth transfer and proper estate planning, using live and practical examples to bring the message to bear.

The session will provide participants with a comprehensive understanding of the necessary steps and actions to take to preserve their properties across generations. Additionally, FBNQuest Trustees will share valuable insights on managing conventional estate plans, which are designed to ensure the preservation of legacies.

 

 


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Orange, Digital Africa Partner to Grow Tech Start-ups

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Orange has provided more resources to deepen and expedite support for African tech start-ups as they navigate and thrive in a fast-evolving digital world.

Under its Orange Ventures arm, the multinational telecoms giant, which has 266 million subscribers, recently teamed with Digital Africa to invest in start-ups under the Fuzé scheme.

Fuzé is a €6.5 million facility formed by African entrepreneurs to invest in start-ups in the ideation and minimum viable product stages.

It is entirely owned by Digital Africa. The agreement, launched at Vivatech in Paris, follows the two firms’ 2023 partnerships to fund start-ups from the Orange Digital Centre (ODC) network.

ODC network is an ecosystem deployed in 17 countries in Africa and the Middle East, and 8 countries in Europe, bringing together young people for start-up incubation and acceleration, as well as support for and investment in project leaders.

Faycal Adlouni, managing partner at Orange Ventures, stated that the company is committed to promoting entrepreneurship and innovation in Africa.

“The Orange Group is fully committed to nurturing the future champions of the technology scene in Africa and the Middle East. This arrangement, involving Orange Middle East and Africa, Orange Ventures and Digital Africa will collectively enable us to concentrate our resources to create an environment conducive to the success of start-ups,” he said.

In the first year, five tech start-ups in the ODC received $54 200 each as part of Digital Africa’s Fuzé program. Grégoire de Padirac, CEO of Digital Africa, said the latest initiative strengthens the strategic partnership signed last year.

 


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Moniepoint Celebrates Children, Promotes Financial Literacy in Low-income Communities

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In recognition of the transformative power of education and children as the lynchpin of a nation’s future, Africa’s fastest growing financial institution according to the Financial Times, Moniepoint Inc has provided opportunity for kids in low-income and underserved communities in Lagos to receive life-changing financial literacy in a fun, and relaxed environment to commemorate this year’s Children’s Day celebration.

At an august celebration which was held at the Let It Shine Academy, LISA in Lagos, students were provided with school bags, books, educational tablets and learning accessories to power academic aspirations, as volunteers from Moniepoint took them through interactive and engaging sessions around budgeting, savings and spending,earning money, investing, personal financial management so as to instill a positive culture of financial literacy.

Children’s Day prioritizes children’s rights and participation in the wider world and financial literacy is a very important life skill considering that financial decisions cut across every aspect of their lives, and a solid foundation in this regard can transform them and the nation at large.

Speaking to Moniepoint’s observance of Children’s Day, Aderayo Adesokan, Manager, Brand and Communications, Moniepoint Inc said,

“We are here at LISA to celebrate Children’s Day with the kids. For us at Moniepoint, we are firm believers in powering the dreams of not just businesses or individuals but those associated with them, especially a vulnerable segment like the children. We believe that we can serve as a catalyst to their dreams while helping them understand that as a brand we exist to ensure a society where everyone experiences financial happiness and we’ll be there for them.

We are excited that this platform has afforded us the opportunity to introduce these kids to critical life changing skills around financial inclusion and literacy, and help them better under the concept of money.

It is our expectation that armed with the information and skills that they have received, they in turn are well positioned and better able to educate their friends and family such that Nigeria’s socio-economic development is safe guarded even as all stakeholders continue to work towards entrenching UN’s Sustainable Development Goals.”

According to Damilola Feyide, Founder & Executive Director of LISA,  “At LISA, we’re not just teaching; we’re elevating communities through digital empowerment, creative learning, and skill development. We believe in equipping the youth for a rapidly evolving future where they can thrive and lead.

I am grateful to Moniepoint for supporting our vision and bringing the dreams of a lot of the kids to pass. They have demonstrated in very clear tones by their actions that it is possible to end neglect and marginalization & provide equal opportunity for children to fully develop especially in underserved communities.”

Moniepoint provides over 3 million people and businesses across Nigeria with access to banking, payments processing, loans and business management tools that they need with a view to helping them thrive and contribute to economic growth while driving financial inclusion across the country. LISA is empowering Nigeria’s future by providing free & quality secondary education for children from low-income households and marginalized kids.


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