Business News Report November 2022

Africa HR Solutions handles cross-border payments anywhere in Africa

With our experience as an established payroll outsourcing professional, our team at Africa HR Solutions understands the intricacies of paying a distributed workforce across the African continent. We also understand the importance of getting your employees paid on time – which is why we learned to develop and refine the way we deliver cross-border payments in Africa. From currencies to taxes, we handle everything compliantly, so you do not have to!

Contact our specialists now to find out why we are the team to trust for secure, timely, and accurate payments to your workers in Africa!

An Egyptian Fintech company raises $31M funding in 2022

Money Fellows, a Fintech company in Egypt, has raised $31M in its first close of Series B investment. Participants in this contribution include:

  • CommerzVentures
  • Middle East Venture Partners (MEVP)
  • Arzan Venture Capital

Since it was established, Money Fellows has raised a total of $37M in funding.

The company specializes in the digitization of money circles – or more commonly known as rotating savings. Ahmed Wadi, CEO of Money Fellows, attributes the firm’s success to Egypt’s already functioning ROSCA (Rotating savings and credit association) system. The fintech company also possesses a B2B format – where their partners in Egypt sell their products within their application.

Growing SMEs benefit from HR outsourcing says the Economic Times

According to the latest article by the Economic Times, SMEs on growth trajectory should consider outsourcing their HR functions. In this interview with Sumit Sabharwal, Managing Director (India & SAARC) of Excelity Global, we learn that there are more than 51 million SMEs that provide employment to around 120 million people in India alone.

Sumit Sabharwal stresses that HR outsourcing saves up to 35% of the total business costs for small employers – making it a solution for those who are constrained by the cost of having an in-house team to manage their HR functions. According to a study, 56% of companies choose to outsource their HR to cut down operating costs while 41% think reducing their HR workforce is a better idea.