Cassava Technologies eFinance Investment Group have signed a groundbreaking agreement to explore and identify opportunities for collaboration and joint expansion across Africa. The signing ceremony was a highlight of the 28th Cairo ICT Exhibition and Conference, held under the auspices of President Abdel Fattah El-Sisi. This strategic partnership aims to foster innovation, boost digital transformation, and expand the footprint of both companies across Africa’s diverse markets.

The collaboration leverages the complementary strengths of both organizations. Cassava Technologies will contribute its extensive African footprint, advanced infrastructure, and continental experience, while eFinance brings its strong market presence and expertise as Egypt’s leading driver of digital transformation. Together, they aim to unlock significant value for businesses and consumers, emphasizing financial inclusion and cutting-edge technology solutions.

Key Highlights of the Partnership

1. Expanding Digital Infrastructure

One of the core objectives of the partnership is to expand Africa’s digital infrastructure. Cassava Technologies, through its subsidiaries like Liquid Intelligent Technologies and Africa Data Centres, operates one of the most comprehensive fiber broadband networks on the continent. By partnering with eFinance, which has revolutionized Egypt’s digital payments landscape, the companies aim to introduce advanced digital solutions to underserved regions, driving connectivity and enabling economic growth.

2. Financial Inclusion and Digital Payments

eFinance, established in 2005, has been pivotal in developing Egypt’s government financial network and driving financial inclusion. With its robust portfolio of subsidiaries, eFinance has facilitated digital transformation across various sectors, including banking, healthcare, and transportation. The partnership will combine eFinance’s expertise in secure digital payments with Cassava’s fintech solutions, such as Sasai Fintech, to deliver seamless payment platforms across Africa.

3. Technological Innovation

Cassava Technologies brings a diverse portfolio of solutions, including artificial intelligence, satellite communications, cloud services, and cybersecurity. These technologies will complement eFinance’s capabilities in building secure and scalable digital ecosystems. The companies plan to introduce innovative services tailored to the unique needs of African markets, including solutions for smart cities, e-governance, and renewable energy.

Statements from Leadership

Ibrahim Sarhan, Chairman and CEO of eFinance Investment Group, expressed his pride in this partnership, stating, “This collaboration represents a significant milestone in offering a unique range of joint services across the African continent. With a focus on Egypt, eFinance continues to lead digital enablement for financial access across various industries and sectors.”

Hardy Pemhiwa, President & Group CEO of Cassava Technologies, shared similar enthusiasm, noting, “eFinance has a track record of success in driving digital transformation in Egypt, which is truly commendable. This partnership accelerates the adoption of digital solutions in Egypt and the MENA region, aligning with our vision of a digitally connected future that leaves no African behind.”

Broader Implications for Africa

Driving Economic Growth

The partnership aligns with broader initiatives to digitize Africa’s economies. By improving digital infrastructure and fostering financial inclusion, the collaboration has the potential to boost productivity, enhance trade, and attract investment to African markets. This is particularly relevant in a continent where approximately 40% of the population remains unbanked, and access to reliable digital services is uneven.

Supporting the African Union’s Agenda 2063

The partnership also supports the African Union’s Agenda 2063, which emphasizes technological innovation and regional integration as key drivers of development. By bridging the digital divide, eFinance and Cassava Technologies aim to empower businesses, governments, and individuals across Africa, contributing to sustainable development goals (SDGs) like reducing inequality and fostering economic growth.

Enhancing Cross-Border Collaboration

Through this partnership, the companies are well-positioned to facilitate cross-border collaborations in sectors like education, healthcare, and agriculture. For example, enhanced connectivity and digital platforms can enable e-learning initiatives, telemedicine services, and smart farming technologies, addressing critical challenges in Africa’s development landscape.

About the Partners

Cassava Technologies

Headquartered in the UK, Cassava Technologies is a global technology leader of African heritage with operations across Africa, the Middle East, Latin America, and the United States. Its business units include Liquid Intelligent Technologies, Africa Data Centres, Sasai Fintech, and Cassava AI. These units provide cutting-edge services, such as fiber broadband, satellite communications, renewable energy solutions, and cybersecurity, across 94 countries. Cassava’s mission is to create a digitally connected future that benefits all Africans.

eFinance Investment Group

Founded in 2005, eFinance Investment Group is Egypt’s foremost leader in digital payments and technology solutions. The company has played a crucial role in developing Egypt’s government financial network, facilitating digital transformation across key sectors, and driving financial inclusion. Its portfolio of subsidiaries enables eFinance to deliver integrated solutions in areas like digital payments, e-commerce, and public sector services, solidifying its position as a cornerstone of Egypt’s digital economy.

Future Prospects

As eFinance and Cassava Technologies embark on this partnership, the potential for transformative impact across Africa’s digital landscape is immense. By combining their expertise and resources, the two companies aim to create scalable and sustainable solutions that address the continent’s most pressing challenges, from financial exclusion to digital illiteracy. This collaboration not only marks a new chapter in their respective growth stories but also sets the stage for a more interconnected and prosperous Africa.

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photo source: Google

By: Montel Kamau

Serrari Financial Analyst

27th November, 2024