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The 7-year-old fintech is also banking on an imminent commercial banking license in Egypt.

Under the agreed terms, investors have committed to a six-month lock-up period and restrictions on share transfers.

In a move that signals both progress and familiar power dynamics in Egypt’s remittance...

This announcement follows a year of significant momentum for P1, highlighted by its largest investment to date: a co-investment alongside Accel in Nuitee, a Moroccan AI-powered hotel booking platform, which raised a $48m Series A round.

Yousef Rahmani, who holds a Ph.D. in Law from the University of Oxford, co-founded ToumAI Analytics in 2020.

Startups can apply for grants ranging from $150,000 for early-stage projects to larger investments, generally up to $500,000, for more established teams.

The Murabaha structure, in particular, avoids speculative practices, making it a suitable instrument for financing tangible infrastructure projects.

Mr. Misbah’s return comes at a critical juncture for Swvl, which is grappling with financial headwinds.

Prosper Africa partnered with initiatives like Future Africa’s Accelerate Africa (A2) program, which prepares early-stage African founders for global scaling.

Applications will open on February 6, 2025, and will be open to businesses operating for a maximum of two years.

The new fund, dubbed the Alliance for Green Infrastructure in Africa (AGIA), will focus on off-grid power companies and distributed renewable energy solutions.