Innovator TradeTech, Ovamba Solutions (www.Ovamba.com) and financial services provider Singularity Finance (www.Singularity.finance) have collaborated to provide small and growing companies in Egypt with financial inclusion and growth capital.
Singularity is the first to sign a regional reseller agreement with Ovamba. This new collaboration gives Singularity the rights to market Ovamba’s digital solutions to small and medium-sized businesses in Egypt to banks, microfinance institutions and other alternative trade finance providers.
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“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,” said Mohamed Taysir, CEO & Co-Founder of Singularity. Moreover, we are motivated to begin providing this tool to other banks and MFIs to start rolling out their own platforms, allowing for a real disruption of how we as a nation can achieve financial inclusion. “He went on to add, “Our collaboration with Ovamba enhances the capacity of singularity to contribute to such an important national directive, which will allow for even more disruption at the Pan-African level.
Ovamba’s Co-Founder & President, Viola Llewellyn, said, “We are really excited about this partnership.” Ovamba invested substantially in BankPartnerTM, PamojaTM and JasmeeraTM. Embedding elements of Islamic finance into our technology and business processes has proved to be very successful in de-risking small business finance. Egypt is a significant market, and in an environment of business growth for small businesses and digital participation for financial institutions, Singularity is well placed to pioneer.
In responding to the near future outlook, both Ovamba and Singularity said they expect to be fully engaging banks and support businesses in Q1 2021.