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French development finance institution Proparco is investing €600,000 in Cashi, a fintech company developing digital payment solutions to expand access to financial services across overlooked markets in Africa. The financing will support Cashi’s operations in fragile markets, in particular its efforts to provide accessible and reliable financial services in Sudan, a country facing a severe humanitarian and economic crisis. This is Proparco’s first financing operation in Sudan.
Limited access to banking services, persistent cash shortages and interruptions to telecommunications and payment systems have made everyday financial transactions increasingly difficult for individuals and businesses.
Through a network of local merchants, Cashi’s users can deposit and withdraw cash, pay bills and transfer money, reducing reliance on conventional banking infrastructure. The company’s digital wallet, MyCashi, has reached 2.2 million registered users, with particularly strong adoption among young people. Cashi has also developed USSD, SMS, offline card and other non-app-based solutions to work around connectivity challenges. These are designed to facilitate financial transactions and the distribution of humanitarian assistance in areas affected by network disruptions.
“In fragile contexts such as Sudan, access to reliable financial services is not only a driver of economic development, but also an essential means of supporting livelihoods and strengthening resilience,” said Guillaume Barberousse, global head of investment at Proparco.
“In Sudan today, being able to send, receive or withdraw money can decide how a family gets through the month, or whether a small shop stays open,” commented Nina Saeed, chief executive officer of Cashi. “When the banks were unavailable during the war, Cashi stayed open and available. We built it to keep working when cash runs short and the network drops. Today, millions of consumers and merchants use Cashi. Millions more across Sudan still have no bank account and no ATM nearby. Where you live should not decide whether you can get paid, pay a bill or send money home. They are the people we are building for.”
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