Proparco Invests $690,000 in Sudan's Fintech Cashi

French development finance institution Proparco has invested $690,000 in Sudanese fintech Cashi, marking its first investment in the war-torn country. The investment aims to support Cashi's expansion of digital payments infrastructure in Sudan, where prolonged conflict has disrupted banking operations and restricted access to cash. This move demonstrates Proparco's commitment to financing private-sector businesses operating in fragile economies.

Cashi operates a digital payments ecosystem that allows consumers and businesses to deposit and withdraw money, transfer funds, and settle bills through a network of local merchants. Its digital wallet, MyCashi, has attracted 2.2 million registered users, making the company a significant player in Sudan's financial technology market. Founded in 2022, Cashi was established to address payment infrastructure limitations in Sudan's digital commerce market.

The investment comes at a critical time for Sudan, where civil war has devastated the country's economy, displaced millions of people, and severely weakened infrastructure supporting commercial activity. Banks have faced closures and operational disruptions, while shortages of physical currency have complicated transactions for households and businesses. Fintech companies like Cashi have become increasingly important to maintaining economic activity and facilitating humanitarian assistance.

Cashi has developed payment technologies designed to function in areas with unreliable internet connectivity, including USSD and SMS-based services, offline-use cards, and devices that do not require smartphone applications. This approach allows customers to conduct transactions even when access to mobile data or traditional banking services is limited. The company's services have been particularly crucial during the war, when banks were inaccessible.

Nina Saeed, General Manager of Cashi, emphasized the importance of the company's services in Sudan, where access to money has become increasingly intertwined with the ability to survive economic disruption. "Today in Sudan, being able to send, receive, or withdraw money can determine how a family makes it to the end of the month, or whether a small business can stay open," she said.

For Proparco, the investment underscores a willingness to finance private-sector businesses operating in fragile economies, where conventional commercial investors often face heightened security, regulatory, and operational risks. The institution has increasingly positioned financial inclusion and entrepreneurship as priorities in its African investment strategy, supporting businesses that provide essential services to underserved populations.

The investment also reflects a broader shift in African fintech financing toward companies addressing infrastructure gaps rather than focusing exclusively on consumer convenience in established banking markets. For Cashi, the immediate challenge will be expanding its services while navigating Sudan's uncertain security environment, damaged infrastructure, and persistent shortages of cash. The financing gives Cashi additional backing to strengthen its payment infrastructure and extend financial services to communities that remain largely excluded from the formal banking system.

Key points

• Proparco invests $690,000 in Sudanese fintech Cashi to support digital payments infrastructure expansion in Sudan.
• Cashi's digital wallet, MyCashi, has attracted 2.2 million registered users in Sudan.
• The investment demonstrates Proparco's commitment to financing private-sector businesses operating in fragile economies.