News Team

In one of the world’s most underbanked economies, access to credit can mean the difference between survival and growth for thousands of small businesses.

Now, the private sector arm of the World Bank Group, the International Finance Corporation, is stepping in with a Sharia-compliant loan of up to $1 million to KIMS Microfinance to help expand financing for micro and very small enterprises in Somalia.

In a country where roughly 67% of people live below the poverty line and fewer than 5% of adults use formal bank accounts, the funding could unlock critical capital for entrepreneurs who often operate outside the traditional financial system.

Backed by concessional support from the International Development Association’s Private Sector Window, the initiative also aims to mobilize additional lenders and scale financial products tailored for women and underserved communities.

For Somalia’s emerging financial sector, the deal signals growing confidence that microfinance can drive entrepreneurship, job creation, and long-term economic resilience.

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Ethiopia has signed $4.2 billion in mining investment agreements with three companies to accelerate development of the country’s gold, potash, and iron ore resources, marking one of the largest recent pushes to expand Africa’s fast-growing mining sector and mineral exports.

The deals, announced by the Ethiopian Ministry of Mines in the capital Addis Ababa, aim to unlock the East African nation’s largely untapped mineral wealth while strengthening industrial production and export revenues.

The agreements were signed by Mines Minister Habtamu Tegegne alongside executives from the participating firms.

The investments form part of the government’s broader strategy to transform Ethiopia into a regional mining hub, while supporting domestic industries that rely on critical raw materials such as fertilizer inputs, iron, and precious metals.

Under the agreements, ZYTB DIM Metals and Minerals Manufacturing PLC, a joint venture between Ethiopian and Chinese investors, will lead iron ore production, targeting large-scale extraction designed to supply both domestic manufacturers and export markets.

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Egypt’s fintech race is entering a new phase, and one of its most ambitious founders is preparing a massive funding push.

Mounir Nakhla, founder of MNT‑Halan, is planning a debt financing program worth up to EGP30 billion ($572 million) in 2026 as the digital financial services platform accelerates expansion across the Middle East and South Asia.

The fintech group, already operating in Egypt, Turkey, Pakistan and the United Arab Emirates, plans to raise the capital through securitization issuances and bond offerings, strengthening its non-bank financial services ecosystem.

The numbers show why the company is scaling fast: 70,000 to 120,000 financial cards issued monthly, more than 1.2 million activated cards, and over 100,000 users investing through its app-based platform.

Now, MNT-Halan is pushing deeper into financial services, targeting mortgage finance and expanding AI-driven operations.

As fintech adoption surges across emerging markets, Nakhla’s strategy signals a bold attempt to build one of the region’s most powerful digital financial ecosystems.

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