Sudan has announced the close of a $5 million fundraise to establish a national payments network enabling quick, easy, and safe transactions for all Sudanese. Alsoug, which was founded in 2016 and has nearly two million downloads, lets Sudanese consumers and businesses buy and sell any goods and services they need. Listings include real estate, cars, electronics, and furniture, as well as services and job postings. Alsoug enables buyers and sellers of goods and services to directly interact with each other. The investment will expand Alsoug’s presence in fintech, building on the company’s payment platform, Cashi, by creating a network enabling people to deposit, withdraw and transfer cash and transact digitally. The expansion will make Alsoug the largest digitally driven network of its kind in the country. Alongside its investment in payments, the business will continue to build its marketplace by offering new services for users and ensuring the platform maintains its position as the premier digital buying and selling platform in Sudan.
Ordinary Sudanese consumers and businesses still have limited ways to make payments. This investment enables us to expand our services in fintech so that everyone in the country has the financial freedom they deserve and can transact in a fast, transparent, simple, and digital way. Fintech has been one of the fastest growing industries across Africa in the past decade because of its huge user base. With this fundraising, Sudan is expected to catch-up with the rest of the continent.