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Key Points
- Cassava Technologies and eFinance join forces to boost digital transformation across Egypt and Africa.
- The partnership taps into Africa's fast-growing tech market, focusing on financial inclusion and cross-border innovation.
- Cassava's leadership in Africa’s digital ecosystem and eFinance’s success in Egypt set the stage for regional growth.
Cassava Technologies, a leading pan-African technology firm owned by Zimbabwean billionaire Strive Masiyiwa, has joined forces with eFinance Investment Group, Egypt’s digital transformation leader, to accelerate digital transformation and expand operations across Africa.
The agreement, signed at the 28th Cairo ICT Exhibition and Conference under the patronage of Egyptian President Abdel Fattah El-Sisi, merges Cassava’s extensive pan-African infrastructure with eFinance’s expertise in Egypt’s rapidly growing digital economy.
African Tech giants: Shaping Africa’s digital revolution
The collaboration seeks to tap into one of Africa’s fastest-growing tech markets, with an emphasis on financial inclusion and innovation. By leveraging eFinance’s success in driving Egypt’s digital transformation, the partnership positions both firms to capitalize on cross-border opportunities in the Middle East and North Africa (MENA) region.
“eFinance’s success in driving Egypt’s digital transformation makes them an ideal partner,” said Hardy Pemhiwa, Cassava’s President and CEO. “This collaboration reflects our mission of creating a digitally connected Africa that benefits all.”
Ibrahim Sarhan, Chairman and CEO of eFinance, hailed the deal as a “milestone” for Egypt’s tech ambitions. “Partnering with Cassava Technologies allows us to harness their expertise across the continent, enabling us to deliver cutting-edge solutions both locally and regionally,” Sarhan said.
Cassava Technologies leads the way
Founded by Masiyiwa, whose net worth is estimated at $1.8 billion, Cassava Technologies envisions a digitally connected future. The company aims to leverage technology to enhance social mobility and drive economic growth. Its ecosystem of integrated digital solutions includes Data Centres, Cloud services, Cyber Security, Fibre Connectivity, and Renewable Energy, catering to both multinational and local enterprises.
Under Masiyiwa’s leadership, Cassava has emerged as a pioneer in bridging Africa’s digital divide, offering tailored solutions for both multinational corporations and local enterprises. Its latest initiative, Cassava AI, marks a strategic leap into generative AI, with over 200 of the company’s 5,000 employees undergoing advanced training to embed AI into African business ecosystems, bolstering its technological edge.
eFinance, established in 2005 to digitize Egypt’s financial infrastructure, has grown into a market leader, offering a range of digital payment solutions and serving as a bridge between the government and private sectors. With a shared vision for digital transformation, this alliance is set to redefine technological innovation and drive inclusive growth across Africa.
