Islamic Finance 

HelloGold enters Africa partnering Baobab Group

| 12 February, 2019

12th February, 2019, Malaysia - Asia-based fintech savings platform HelloGold is entering Africa working with leading digital financial inclusion group, Baobab, as a partner. HelloGold will support Baobab in expanding its financial inclusion services through an integrated savings platform.

HelloGold and Baobab will jointly develop products for Baobab’s 800,000 strong customers across nine (9) countries in Africa. Using its digital financial service infrastructure and experience, HelloGold will support Baobab in expanding its financial inclusion services through an integrated savings platform in 2019.

HelloGold’s gold backed savings and loan financial products will be integrated with Baobab’s mobile phone app, to be launched in 2019. Users will be able to easily buy, save and invest in gold, directly on the integrated mobile application, allowing instant and secure access to gold as an alternative savings product.

“We are pleased to announce this partnership, which will allow our clients to benefit from new digital services. The possibility to easily save and invest in gold is an additional key offered to our clients to unleash their potential. This collaboration with HelloGold will allow us to integrate this saving offer in the 9 African countries we are working with”, said Arnaud Ventura, CEO and founder of Baobab Group.

Baobab operates 1140 service points in Africa and has disbursed more than EUR 940 million in loans to the underbanked and unbanked (including micro entrepreneurs, youth and women). The company provides a wide range of digital and mobile solutions for customers in Africa and China to simply, quickly and safely manage their finances.

“Our partnership with Baobab demonstrates HelloGold’s capacity to provide financial solutions for our current and prospective partners. While we bring financial products on our technology, we support our partners in the building of their own offerings, providing differentiated value and services on their platforms. We use blockchain technology to enable our customers to access affordable financial products and services, starting with gold. HelloGold’s mission is to democratize essential savings and lending products for the underserved and the unbanked in emerging markets through digitization. With our shared vision, Baobab is a perfect partner,” HelloGold CEO Robin Lee, said in a statement.

Accelerated by mobile phones and digitization, financial inclusion is on the rise globally. The World Bank has a goal of Universal Financial Inclusion by 2020 and Africa has been at the forefront, with mobile-driven financial inclusion growing by 20 percent over the past six years. Through this partnership, Baobab and HelloGold intend to grow and explore financial inclusion in more markets on the continent.


About Baobab

Baobab is a leading digital financial inclusion group focusing on serving individuals, micro and small businesses in Africa and China. Our mission is to unleash the potential of our clients offering them simple and easy to use financial services. Founded in 2005 as Microcred, today Baobab has originated more than EUR 3Bn loans serving over 800,000 customers with 4,100 employees in 9 countries in Africa - Burkina Faso, Democratic Republic of Congo, Ivory Coast, Madagascar, Mali, Nigeria, Senegal, Tunisia, Zimbabwe and China.


About HelloGold

HelloGold is a fintech savings platform offering simple and accessible financial products for everyone. Founded in 2015 in Malaysia, HelloGold built the world’s first Shariah compliant gold digital application that changes the way people buy and sell gold. HelloGold’s platform features blockchain technology to enhance the security of its customer records as well provide greater transparency of their savings. To date, HelloGold has hit over 100,000 downloads and has 35,000 customers. Its products revolve around a unique business model which allows users to buy and sell gold and eventually other financial assets through an app where the physical gold placed in secure, insured vaults in Singapore (and soon also in Dubai), can be used for both savings and as collateral for loans. With a strong presence in Southeast Asia, HelloGold recently launched in Thailand and plans to expand into Indonesia and the Middle East in 2019.