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TradeTech alliance in Egypt to generate growth capital

By , ITWeb
Egypt , 08 Jan 2021

TradeTech innovator, Ovamba Solutions and financial services provider, Singularity Finance have partnered to deliver financial inclusion and growth capital to small and growing businesses in Egypt.

According to a statement released to the media, Singularity Finance is the first to sign a reseller agreement with Ovamba in the region.

This new partnership gives Singularity the rights to sell Ovamba’s digital solutions to banks, microfinance institutions and other alternative providers of trade finance to SMEs in Egypt.

Mohamed Taysir, CEO & Co-Founder of Singularity said, “With this partnership we at Singularity have been able to expand our financial eco-system offering; by adding a set of bank grade products that are tailored for our part of the world. Even more so we are empowered to start offering this tool to other Banks and MFIs to start rolling out their own platforms; this allows for a true disruption in how we as a country can reach financial inclusion”.

He went on to add, “Singularity's ability to contribute to such an important national directive is enhanced by our partnership with Ovamba which will allow for even more disruption on the Pan-African level.”

Co-Founder & President of Ovamba, Viola Llewellyn said, “We are really excited about this partnership. Ovamba has invested significantly in BankPartner, Pamoja and Jasmeera. Embedding Islamic finance elements into our technologies and business systems has proven to be very effective at de-risking small business finance. Egypt is an important market, and Singularity (are) well positioned to pioneer in an era of business growth for small businesses and digital engagement for Financial Institutions.”

Both Ovamba and Singularity, in responding to the near future outlook, said that they expect to be fully engaging banks and serving businesses in Q1 2021.

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