Egypt's MoneyHash teams up with Visa to facilitate payments in Africa
TLDR
- MoneyHash partners with Visa for enhanced digital payment experiences
- MoneyHash founded in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar
- MoneyHash recently secured $4.5 million seed funding round led by COTU Ventures and Sukna Venture
Egyptian fintech MoneyHash has partnered with Visa to deliver secure and enhanced digital payment experiences. The new partnership will enable MoneyHash to gain access to Visa's extensive suite of digital payment solutions, as well as leverage Visa's global reach in the MENA region.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is a payment orchestration that offers a comprehensive payment operating system as a service to address the various technological and product challenges faced by enterprise merchants.
In February, MoneyHash raised a $4.5 million seed funding round, co-led by COTU Ventures and Sukna Venture, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, as well as angel investors.
Key Takeaways
The Egyptian market stands out as one of the most promising in the region, poised for substantial growth in the fintech industry in the coming years. This growth can be attributed to a confluence of factors, including the concerted efforts of the government, the Central Bank of Egypt, and the private sector. Tangible outcomes are evident in the increasing prevalence of digital payments and e-commerce as the new norm. A clear indicator of this transformation is the remarkable rise in the volume of electronic transactions within the Egyptian market. In 2022, these transactions surged to more than EGP 6.4 trillion, from EGP 4.2 trillion in 2020. Yet, despite this progress, a substantial portion of financial transactions in Egypt continues to be conducted in cash, indicating that the digital payment chain is not yet fully established. The growing demand for convenient and instantaneous e-payment solutions underscores the existence of numerous untapped opportunities within the fintech sector.
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