Fintech July 2021
Like all other industries, the financial industry is rapidly digitizing. Fintech is a blend of the words “finance” and “technology,” and it refers to any company that applies technology to improve or automate financial services. The phrase refers to a fast-expanding industry that serves both consumers and corporations in a variety of ways. Fintech offers a seemingly limitless number of uses, ranging from mobile banking and insurance to cryptocurrency and investment applications (apps).
As the tech-savvy millennials grow older, banking and financial alternatives have evolved, with once-rare perks like mobile banking becoming standard, driving traditional financial institutions to become more tech-savvy. Banks aren’t the only financial entities that have changed as a result of technological advancements. Digital financial access encompasses entire markets, from digital loans and mobile stock services to e-commerce payment platforms and digital currency exchanges.
Machine learning algorithms, blockchain, and data science are being used to handle everything from credit risks to running hedge funds. To the extent that there now exists a category of regulatory technology termed “Regtech” that’s meant to help businesses manage the complex world of compliance and regulatory challenges. In early 2020, figures showed that venture capital funding for African fintech startups had risen by 51% with funding being generated for virtual banking projects, consumer credit checks, and finance apps. South Africa led the way with $112m in investments, followed by Nigeria, which raised $74m, Kenya at $62m, and Egypt at $51m.
The fintech scene in Sudan is just starting to brew but has a lot of catching up to do. Aside from mobile banking apps such as mBok (Bank of Khartoum) and Fawry (Faisal Islamic Bank), Syberpay is a private Fintech business. SyberPay is a Sudanese Electronic Payment Network. The company has created a wide range of digital payment services that combine online and offline channels. Customers can use Syber to purchase goods from e-commerce. Additionally, customers can withdraw money from ATMs using cash cards and use their mobile wallets for peer-to-peer transfers and bill payments amongst other uses.
Another emerging player from the Sudanese ecosystem is Solus Pay The company operates as a service provider of electronic payment processing solutions to businesses and banks in Sudan. Its solutions include supplying middleware, mobile payment processing, virtual terminals, etc. More importantly, Solus Pay has a free open source built using Noebs available to everyone. The design of Noebs makes it simple for developers to work, emend, and tailor depending on their business needs. Through Noebs you can add as much middleware, from the logger to the SMS gateway.
Fintech’s rapid rise has changed people’s lives and economies, driving innovation and a surge in financial inclusion. As Sudan establishes bridges and rejoins the global financial system, the local regulatory environment needs to improve making it easier for local companies to operate in and develop in a manner that is going to allow them to compete regionally and globally.
- In this episode of “The Story Behind Energy-Technology Innovation” we sat down with Salma Abdalla, Co-founder and General Manager of Artik Energy. Artik Energy is a Sudanese sustainable energy startup that seeks to create a niche market within the energy market and to be a one shop stop for energy-efficient lighting, solar rooftop, solar water pumps, small solar system kites, and energy backup systems.
- Introduction to calligraphy, is a workshop for beginners that goes through the basics of how to use a calligraphy pen, the right grip and position of your body. It will also talk about calligraphy tools, the basics of Gothic script (English) and Riqaa (Arabic). Additionally getting to know the art of Calligraffiti.
The workshop will be held at Savannah Innovation Lab in Al-Taif from the 5thto the 7th of August from 4pm to 7pm.
Registration fees: 9000 SDG all materials and tools included, reserve your seat.
Suggestion of the Month
In continuation of what we covered earlier on in the newsletter, Sudan Fintech Summit is happening virtually from 18-19 August. Sudan Fintech Summit is a must-attend event that facilitates multi-stakeholder dialogue among C-level executives, leading industry experts, decision makers, policymakers, and government officials from across the value chain to foster collaboration, discuss current challenges, market opportunities, develop market strategies, and share knowledge.
For more information on the summit and a list of attending speakers, please visit the website!
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