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Cashi, a Sudanese FinTech startup developing digital payment solutions to expand access to financial services in overlooked African markets, has secured €600k in financing from Proparco, the private-sector arm of the French development agency AFD Group.
With this capital, the FinTech plans to support its operations in fragile markets and, most importantly, its mission to provide accessible and reliable financial services in Sudan, a country facing a severe humanitarian and economic crisis. This partnership marks Proparco’s first financing operation in Sudan.
“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. 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,” said Nina Saeed, CEO of Cashi.
Nina Saeed launched Cashi in 2022 as a payment solution for Alsoug, an e-commerce platform that became Sudan’s leading marketplace. Alsoug was also founded by Saeed in 2016 and, in 2021, announced the close of a $5 million fundraise to establish a national payments network enabling quick, easy and safe transactions for all Sudanese.
Proparco highlighted the significant barriers to financial inclusion in Sudan, exacerbated by ongoing political and economic instability. It states that 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.
Cashi addresses these challenges by developing an accessible digital payment ecosystem. Building on the experience of establishing alsoug.com, Cashi was created to overcome the limitations of traditional payment infrastructure and enable individuals and businesses to participate more fully in the digital economy, particularly in underserved areas.
Cashi provides digital payment solutions that let individuals and businesses deposit and withdraw cash, pay bills, and transfer money through a network of local merchants, reducing reliance on traditional banking infrastructure.
It reported that its digital wallet, MyCashi, has reached 2.2 million registered users, with particularly strong adoption among young people. To overcome connectivity challenges, Cashi has also developed USSD, SMS, offline card, and other non-app-based solutions to facilitate financial transactions and distribute humanitarian assistance in areas affected by network disruptions.
With this financing, Proparco aims to support the development of an African FinTech that provides essential financial services in one of the continent’s most challenging operating environments.
“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. Through this financing, Proparco is proud to support Cashi, an innovative African company developing practical solutions to address critical needs on the ground. This first operation in Sudan reflects our commitment to supporting entrepreneurship and financial inclusion, including in the most challenging environments,” said Guillaume Barberousse, Global Head of Investment at Proparco.
By strengthening Cashi’s capacity to deliver accessible digital payment solutions, the financing is expected to expand financial inclusion, support local entrepreneurship, and facilitate financial transactions for underserved communities.
