Egypt’s First SPAC Deal Signals New Era for Fintech Growth and Public Markets
In a historic development for Egypt’s financial sector, Catalyst Partners Middle East finalized the nation’s first special purpose acquisition company (SPAC) merger by acquiring digital lending startup Qardy in a transaction worth EGP 1.16 billion (approximately $23.15 million).
Announced this week, the deal marks Qardy as the first fintech startup in Egypt to go public through a SPAC structure—a relatively new approach in the region that is anticipated to grow in popularity in the coming years.
Established in 2022 by Abdel Aziz Abdel Nabi, Aser Yahya, and Tamer El-Manesterly, Qardy functions as a digital lending platform linking small and micro enterprises (SMEs) with financial institutions. The startup provides loans, factoring, and leasing services to help address the financing needs of underserved parts of the Egyptian economy.
MTN Uganda and government unite to boost digital transformation
Kampala, Uganda | THE INDEPENDENT | On May 22, MTN Uganda convened a high-level round table in Kampala, partnering with the Ministry of ICT and National Guidance to sharpen the country’s digital ambitions. The event brought together senior government officials, ICT policymakers, and MTN executives to map out practical steps for implementing Uganda’s National Digital Transformation Roadmap (2023/24–2027/28).
The government’s digital blueprint, presented by Ambrose Ruyooka, Commissioner for Research & Development at the Ministry, asserts that Uganda’s existing infrastructure is sufficiently robust to support the roadmap’s objectives. The plan aims to harness emerging technologies to enhance economic competitiveness and improve citizens’ lives.
Aminah Zawedde, Permanent Secretary at the Ministry of ICT, framed the roadmap as a strategic guide to coordinate efforts across public and private sectors amid resource constraints. “It is the rallying point for optimizing scarce resources through cohesion,” she said.
Read more: https://www.independent.co.ug/mtn-uganda-and-government-unite-to-boost-digital-transformation/
Africa’s progress will be powered by payments without borders
Africa Day is a moment to celebrate who we are as a people. Our unity, our diversity, and the unstoppable momentum of our progress. And today, nothing brings us together more than the digital tools that are helping us dream bigger, connect deeper, and build a shared future.
Among these tools, digital payments have become the new lifeblood of Africa’s growth story. At Flutterwave, we believe that payments are not just transactions. They are the fuel powering hopes, dreams, and opportunities across the continent and beyond.
Africa is moving fast. Everywhere you look, fintech is reshaping our economies, making it easier for people to do business across borders, send money home, start something new, or simply pay for a service with the click of a button. This shift is deeply personal to me. When we started Flutterwave nearly 10 years ago, we wanted to solve a simple but massive problem: how can African businesses receive payments from anyone, anywhere in the world? Back then, cross-border payments were difficult, expensive, and frustrating. Today, after processing over 890 million transactions and expanding our reach to 60 per cent of the continent, we are proud to be building the financial rails that carry the dreams of millions.
Read more: https://guardian.ng/opinion/columnists/africas-progress-will-be-powered-by-payments-without-borders/
Fintech Partnership to Lower Cost of Remittances Across Africa
Two global financial technology(Fintech) firms have teamed up in a bid to reduce the high cost of sending money to Africa, where remittance fees remain among the most expensive in the world. According to World Bank data, sending $200 to Sub-Saharan Africa cost an average of 8.72% in 2022, making it the most costly remittance corridor globally. Furthermore, more than half of adults in the region still lack access to formal financial services.
To address these challenges, international money transfer company Panda Remit has partnered with dLocal, a payment solutions provider specialising in emerging markets. The collaboration aims to enhance the speed, affordability, and reliability of remittance services in Africa—particularly where bank transfers and mobile wallets are vital tools for financial inclusion.
Read more: https://newscentral.africa/fintech-partnership-to-lower-cost-of-remittances-across-africa/
Open Banking Fintech Snoop Introduces Variable Recurring Payments (VRPs)
Snoop has reportedly added a new variable recurring payments feature.
Fintech app Snoop has introduced Variable Recurring Payments (VRPs), allowing users to automate savings with ease while also staying on track with financial goals – all enabled by Open Banking tech.
As explained in the update, Snoop’s new VRP functionality lets users set flexible, automated deposits from their current account into their Snoop savings account.
Shaping the future of payments and financial services in Southern Africa
Africa isn’t just catching up; it’s defining the future of fintech. With BCG forecasting that fintech revenues across the continent will grow 13 times within the next decade, the momentum is real. A convergence of powerful trends drives this: a growing, youthful population, increasing digital penetration, and a deep desire for accessible, affordable financial services.
This transformation goes beyond technological; it’s deeply human. People choose solutions that are simple, trustworthy, and genuinely useful. That’s why fintech is succeeding where legacy banks have struggled. It’s about more than digitising transactions; it’s about building ecosystems that reflect how Southern Africans actually live, earn and spend, now and in the future.
Four years ago, I left a large financial institution, after 20 years’ service, to help turn around a struggling fintech. I was sold on the vision of building a company with impact: a platform for financial and economic inclusion, helping underserved consumers and merchants fulfil their potential.
