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. ,
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