Fawry’s deal for alsoug a first for Sudan

Image Credit: Pixabay

An investment in Sudan’s largest digital classifieds and marketplace by Egyptian mobile payments platform Fawry marks the first significant foreign investment in a technology business in the country since sanctions were lifted in 2020. The investor group, which consists of western venture capital firms as well as Fawry, is investing $5 million into alsoug, which was founded in 2016. Fawry has the right to nominate someone to join the company’s board. No other details of the transaction have been disclosed.

Alsoug will use the capital to expand its presence in the fintech sector, developing its payment platform Cashi into a network enabling people to deposit, withdraw, and transfer cash digitally. Once complete, alsoug will be the largest digitally-driven network of its kind in Sudan. ,

To read this article, you must be a paid subscription member. (Current members login here)


Reserve your digital subscription today

Join now for $35 per month

Join now for $395 per year

for access to:

  • Weekly newsletter with original and curated news, analysis and perspective
  • Africa’s private capital deals, fund raises and the investment firms and executives involved
  • Portfolio company news that impacts value and stakeholder participation
  • Job moves and partnerships between leading market participants
  • Exclusive access to Africa Capital Digest’s full content archive

If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.