French development finance institution Proparco has invested €600,000 (approximately $690,000) in Sudanese fintech Cashi, marking its first investment in the war-torn country as demand for digital financial services grows amid widespread banking disruptions and economic instability.
The investment will support Cashi’s expansion of digital payments infrastructure in Sudan, where prolonged conflict has disrupted banking operations, restricted access to cash and damaged telecommunications networks, leaving millions of people struggling to conduct everyday financial transactions.
Founded in 2022, 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 an increasingly important player in Sudan’s financial technology market.
The funding represents a relatively small financial commitment for Proparco, the private-sector financing arm of the French Development Agency Group, but marks a significant expansion of its investment activities into one of Africa’s most challenging operating environments.
Sudan’s civil war, which erupted in April 2023, has devastated the country’s economy, displaced millions of people and severely weakened the infrastructure supporting commercial activity. Banks have faced closures and operational disruptions, while shortages of physical currency have complicated transactions for households and businesses.
