Connect with us

Business News

Egypt Financial-wellness Startup, NowPay, Raises $2.1M In Seed Investment2 minutes read

Published

on

Cairo-based fintech startup NowPay, a financial-wellness platform for employees in emerging markets, has announced today that the company has raised $ 2.1 million in seed investment.

The new fund will be deployed to deepen the capabilities of the platform, expand its team and establish its footprint in the Mena region and beyond.

The round was led by Foundation Ventures and Endure Capital along with investors from the U.S., UAE, China, and Egypt. The cluster of investors include BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech and Ebtikar. Prominent Angel investors such as Quirky Ventures, Gehan Fathi, and Rolaco also participated in the round.

“During the peak of COVID-19 lockdowns, we are proud to have well-known and eminent investors back us, signalling trust in our business concept and our team. Saving, spending, budgeting and borrowing, are our four pillars of financial wellness. Financial stress plays a major role as a top distraction for employees,” said Mostafa Ashour, Cofounder and CEO of NowPay who previously led the innovation teams at Microsoft Research.

“NowPay bridges that gap and provides several benefits for employers that choose to proactively address this area of employee wellness. Particularly in the recent months NowPay helped empower both the employees and employers alike. We want to improve every financial aspect for employees and make financial inclusion a reality.”

Founded in 2019, NowPay has a very enthusiastic and well-experienced team. Led by Mostafa Ashour, the team includes co-founder Ahmed Sabry, who worked for Amazon Lending, Gehan Fathi, previously worked as managing director of EFG, and Mahmoud ElHosseiny who managed Egypt sales for Fortune 500 Stanley-Black & Decker.

“There is an asymmetry between expenses and income, which puts a lot of stress on employee’s morale, and hampers productivity. We are thrilled to join NowPay’s incredible team on this journey of empowering employees with the happiness and wellness that financial stability provides,” said Ziyad Hamdy, Managing Partner at Foundation Ventures.

“Within a very short period we are delighted to have managed salaries in excess of $100 million with a 60% month-over-month growth rate. We have integrated our platform with leading Egyptian and multinational names such as SODIC, Wadi Degla, Domty and AXA to name a few, a testament of our ability to help the financial wellness of employees for our clients. We have a very strong pipeline with many more big names waiting to onboard our platform and we look forward to forge ahead as pioneers in this space,” added Ashour.

Business News

Food Prices In Nigeria Went Up In September – Nigeria Bureau of Statistics

Published

on

Food prices in Nigeria increased in September according to data from the National Bureau of Statistics (NBS).

NBS made the assertion in a report titled ‘Selected food price watch data’ for the month of September 2020.

The report said the average price of one dozen of eggs medium size increased year-on-year by 5.245% and month-on-month by 0.37% to N480.76 in September 2020 from N478.97 in August 2020.

It stated that the average price of eggs medium size (price of one) increased year-on-year by 3.87 % and month-on-month by 0.28 % to N42.90 in September from N42.78 in August.

The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 39.07% and month-on-month by 2.87% to N516.13 in September 2020 from N501.71 in August.

Meanwhile, the average price of 1kg of tomato increased year-on-year by 26.12% and decreased month-on-month by -1.01% to N286.92 in September from N289.86 in August.

Similarly, it added, the average price of 1kg of yam tuber increased year-on-year by 29.11% and decreased month on month by -4.08% to N245.62 in September 2020 from N256.06 in August 2020.

Incidentally, as the 24hour curfew across many states in Nigeria last, after the resent spat of violent attacks in some cities it has impacted on current prices. And cause more increase. Now, a piece of egg now sells for N70 to N100 each.

The prices of other food items have increased and could further spiked if movement restrictions are not relaxed very soon.

Continue Reading

Business News

Tunisia Exports 3,000 Tonnes Of Fruit To Libya In 20 Days

Published

on

Tunisa exported no fewer than 3,000 tonnes of fruit to Libya in the first 20 days of October, local media reported.

The exports were through the three commercial Sfax, Sousse and Bizerte maritime lines.

The head of the Sales Department of the Inter-Professional Fruit Group (GIFruits), Tarek Tira, said the fruit export process, mainly for pomegranates, resumed its regular pace despite the closure of the road linking Tunisia with the Libyan land border since last September.

He said a cargo-carrying more than 1200 tonnes of fruit, including 700 tonnes of pomegranates, left Sfax port on Thursday to Tripoli.

Adding that another ship carrying nearly 350 tonnes of fruit will also sail for Libya from the same port.

Tira pointed out that the Libyan market is the first in Tunisia in terms of fruit marketing (more than 30%).

Since September, the export of Tunisian agricultural products, essentially fruits, has been experiencing a blockage, following the closure of the border road at Ben Guerdane by demonstrators. This has hindered the passage of Tunisian and Libyan trucks in both directions.

Vice-president of the board of directors of GIFruits Ibrahim Trabelsi expressed regret, considering the importance of the Libyan market. “It absorbs between 30 and 50% of agricultural products,” he said, adding the current situation could collapse the Tunisian fruit industry.

Continue Reading

Business News

UACN Tops Gainers’ Table As Nigeria’s Bourse Rebounds By N59M

Published

on

The Nigeria Stock Exchange (NSE), on Thursday, rebounded with a growth of N59 billion in spite of social unrest and curfew in major cities of the country.

Specifically, the market capitalisation which opened at N14.870 trillion rose by N59 billion or 0.40 per cent to close at N14.929 trillion.

Also, the All-Share Index increased by 114.38 points or 0.40 per cent to close at 28,563.87 compared with 28,449.49 achieved on Wednesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria Communications, Stanbic IBTC Holdings, UACN, Lafarge Africa and Dangote Sugar Refinery.

Market sentiment measured by the market breadth was positive with 21 stocks gainers against 12 losers.

UACN drove the gainers’ table in percentage table, growing by 8.33 per cent to close at N7.15 per share.

Union Diagnostic followed with eight per cent to close at 27k, while FCMB Group rose by 7.96 per cent to close at N2.44 per share.

United Capital increased by 6.44 per cent to close at N3.80, while Neimeth appreciated by 5.26 per cent to close at N1.80 per share.

Conversely, Wapic Insurance led the losers’ chart in percentage terms dropping by 9.09 per cent to close at 40k per share.

UACN Property Development trailed with 3.66 per cent to close at 79k, while GlaxoSmithKline shed 3.57 per cent to close at N5.40 per share.

International Breweries dipped 2.95 per cent to close at N6.25, while Fidelity Bank depreciated by 2.50 per cent to close at N1.95 per share.

However, the total volume traded decreased by 4.67 per cent with an exchange of 311.33 million shares worth N4.69 billion traded in 3,375 deals.

This was in contrast with a total of 326.58 million shares valued at N4.22 billion transacted in 4,367 deals on Wednesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 77.84 million shares worth N2.34 billion.

Access Bank followed with 57.66 million shares valued at N442.78 million, while Zenith Bank traded 39.58 million shares worth N813.77 million.

FBN Holdings sold 21.75 million shares valued at N131.58 million, while United Bank for Africa transacted 18.16 million shares worth N122.81 million

Continue Reading

Trending