Proparco, the Agence Française de Développement group’s subsidiary dedicated to the private sector, is committing €600,000 to the fintech Cashi. The amount is modest, around $672,000, but the deal is symbolic: it is the very first time the institution has financed a company in Sudan, a war-ravaged country where getting hold of cash is often a challenge.
A modest ticket, a strong signal
The investment was announced by Proparco in a press release dated November 9, 2026, then picked up on November 10 by outlets including Innovation Village and Africa Private Equity News. Neither the press release nor the articles consulted specify the exact structure of the financing or any share of the capital acquired, and none mentions other investors in this round.
For a development institution, entering Sudan means accepting a high level of risk: political instability, conflict, a weakened banking system. Guillaume Barberousse, Proparco’s chief investment officer, justifies the choice by arguing that, in such a fragile context, reliable financial services are “not only a driver of economic development”. He also sees them as a lever to help households keep earning a living from their activity and to better withstand shocks.
What Cashi does
Cashi builds payment tools for markets poorly served by banks. Its principle: a network of local merchants and agents where users deposit or withdraw cash, send money and pay their bills, including in areas where banking services are limited or even non-existent.
Its flagship product is a digital wallet, MyCashi, which has more than 2.2 million registered users, with strong uptake among young people. Because mobile internet is often cut off, the company also offers services via USSD and SMS, as well as payment cards that can be used offline. Humanitarian organizations can also use it to distribute aid to populations affected by the conflict.
According to Proparco’s press release and TechAfrica News, Cashi was founded in 2022 and draws on the experience of creating alsoug.com, presented as the country’s first e-commerce platform. The company is not confined to Sudan: in March 2026, EcoMatin reported a partnership with the International Finance Corporation (IFC), a member of the World Bank Group, to develop digital payments in Chad.
Paying when the banks close
The context explains the appeal of the model. Reports describe a country facing a humanitarian and economic crisis, with chronic cash shortages, telecommunications network outages, disruptions to payment systems and a very limited banking presence. For a household or a small business, receiving a payment, sending money to a relative or paying for electricity then becomes complicated.
Nina Saeed, Cashi’s chief executive according to Proparco’s press release, stresses the continuity of the service: “When banks were unavailable during the war, Cashi stayed open,” she said. She also points out that millions of Sudanese still have neither a bank account nor an ATM nearby.
Limits and grey areas
Several points remain unclear. The 2.2 million users are registered users reported by the company, with no indication of the number of genuinely active accounts or of the volumes processed. The public information has also varied: Proparco’s press release and TechAfrica News date Cashi’s creation to 2022 and present Nina Saeed as chief executive, whereas an article by We Are Tech dated June 2026 mentioned a launch in 2016, and that article, like EcoMatin’s in March, named Tarneem Saeed as CEO. This article relies on the information in the official press release on the deal; none of the sources consulted explains the discrepancy. Finally, at €600,000, this is more of a first step than financing capable of changing scale: time will tell whether other funders follow Proparco into this terrain.
Frequently asked questions
What is Proparco?
It is the arm of the Agence Française de Développement group responsible for financing private companies in developing countries. The investment in Cashi is its first deal in Sudan.
How does Cashi work without an internet connection?
In addition to its app, the fintech offers services via USSD and SMS, accessible from a basic phone, as well as payment cards that work offline.
How many people use Cashi?
According to the company, its MyCashi wallet has more than 2.2 million registered users. The number of active users has not been disclosed.
Sources
- Proparco s'associe à Cashi pour élargir l'accès aux services financiers essentiels au Soudan — Proparco (communiqué), 2026-11-09
- Proparco invests €600,000 in Cashi to expand digital financial services in Sudan — Innovation Village, 2026-11-10
- Proparco makes first Sudan investment — Africa Private Equity News, 2026-11-10
- Proparco Makes First Sudan Investment, Backing Fintech Startup Cashi — Empower Africa, 2026-11-10
- Today's Bulletin: November 11, 2026 — TechAfrica News, 2026-11-11
- Soudan : Cashi développe la finance numérique dans un contexte économique difficile — We Are Tech Africa, 2026-06-15
- Tchad : la Banque mondiale mise sur Cashi pour digitaliser les paiements — EcoMatin, 2026-03-27