MyCash (MyCashi) in Sudan: Company Overview and Mission
MyCash, publicly known through its consumer digital wallet MyCashi, represents a significant leap in Sudan's financial technology landscape. As the consumer arm of Cashi™, a robust payments-platform subsidiary of Alsoug Ltd., MyCash is not a traditional lending institution. Instead, it operates as a fully licensed electronic payments network under the watchful eye of the Central Bank of Sudan, serving as a critical infrastructure for financial inclusion.
Founded in 2020 with the launch of Cashi, the MyCashi consumer wallet was introduced in early 2024 to directly serve the Sudanese populace. It is privately held, with Alsoug founder Nina Saeed holding a majority stake, supported by prominent regional investors, including Fawry of Egypt. The company’s business model is transaction-fee based, deriving revenue from a diverse range of services such as bill payments, merchant commissions, international remittance margins, and agent cash-in/out commissions.
MyCash's primary target market encompasses the large segment of unbanked consumers and small to medium-sized businesses across both urban and rural Sudan. This focus is strategic, given Sudan's high mobile phone penetration, estimated at seventy-seven percent, contrasted sharply with a low bank account usage rate of only fifteen percent. This disparity creates a fertile ground for digital wallet adoption, making MyCash a vital platform for everyday financial transactions. The leadership team includes Nina Saeed as Founder and Chief Executive Officer, Ahmed Elsir as Chief Operating Officer, overseeing an expansive network of over ten thousand agent points, and Sara Abdelrahim as Chief Technology Officer, guiding the development of the MyCashi application and agent point-of-sale platform.
Services Offered by MyCash: Beyond Traditional Lending
It is crucial for potential users and financial observers to understand that MyCash does not offer proprietary loan products. Its core focus is on facilitating a wide array of payment and remittance services, positioning itself as a comprehensive digital wallet rather than a lender. The services available through the MyCashi platform include essential functions such as bill payments, airtime top-ups, person-to-person transfers, merchant QR-code payments, and critical agent cash-in/out services. These services are designed to address immediate financial needs, offering convenience and accessibility in a market where traditional banking infrastructure is often limited.
Understanding MyCash Fees and Charges
For its various services, MyCash applies a transparent fee structure. Processing fees for bill payments and airtime top-ups typically range from 0.5 percent to 1.0 percent per transaction, with the exact schedule available directly within the MyCashi application. For international remittances, MyCash generates revenue through a margin applied to foreign exchange conversions, though specific rates are not publicly verified. The extensive network of agents, crucial to MyCash's operational model, earns a commission of one to two percent per cash-in, cash-out, and bill payment transaction, incentivizing their participation and expansion of services across the nation.
Application Process and Requirements
Accessing MyCash services is designed to be straightforward and inclusive. Customers can onboard either through the mobile application, available for both iOS and Android devices, or via the USSD shortcode *888# for feature phone users, ensuring broad accessibility. The Know Your Customer (KYC) process involves several steps: phone number registration, uploading a national identification document, capturing a selfie, and providing address details through the application. An instant SMS code verifies the phone number, while identity documents are typically reviewed within twenty-four hours to enable higher transaction limits. This multi-channel approach and streamlined KYC process underscore MyCash's commitment to reaching a wide user base.
Regarding credit and underwriting, MyCash maintains no in-house credit scoring or underwriting mechanisms, as it does not provide loans. While the company's transaction history and wallet balance data may inform future partnerships involving credit, this remains an unverified prospect. Disbursement and collection of funds are managed through its extensive network of over ten thousand Cashi Points, which are designated merchants accepting cash and bank card loads for wallet top-ups. Digital transfers between MyCashi users are instant and free of charge, fostering seamless peer-to-peer transactions. For international remittances, MyCash integrates with partners such as WorldRemit to facilitate inbound transfers, further expanding its utility.
Technology, Reach, and Regulatory Landscape
The technological backbone of MyCash is its robust mobile application and an extensive agent network, ensuring broad reach across Sudan. The Android application boasts over one million installs and maintains an impressive 4.4-star rating from over eight thousand nine hundred reviews on Google Play. The iOS version, currently at version 1.9.3, holds an average rating of 4.2 stars. Key features of the application include convenient bill payments, airtime top-ups, person-to-person transfers, an agent locator for easy cash-in/out access, the ability to generate PDF receipts, secure KYC document uploads, and comprehensive transaction history export. These features enhance user control and transparency.
Mobile App Features and User Experience
The user experience with the MyCashi app is generally positive, with many users praising its ease of use and the accessibility provided by the vast agent network. However, some common complaints, particularly from iOS users, include occasional interruptions due to telecom outages, especially during conflict periods, and sometimes slow responses from customer care. These issues highlight the challenges of operating in a dynamic environment but do not detract significantly from the app's overall utility. MyCash also maintains a strong digital presence through its website, getcashi.com, which provides information on its merchant network, services, and privacy policy, alongside active social media channels on Facebook and Twitter for customer support and engagement.
MyCash's geographic coverage is nationwide, powered by its merchant-agent network that spans Khartoum, Darfur, Kordofan, Red Sea states, and other regions, totaling over ten thousand service points. This extensive reach is critical for serving its customer base, estimated at seven million active wallets by 2025. This demographic predominantly includes unbanked rural and peri-urban populations, with strong adoption among displaced families who rely on secure digital payments during challenging times.
Regulatory Framework and Consumer Safeguards
In terms of regulatory compliance, MyCash operates with full legitimacy. It is officially licensed by the Central Bank of Sudan as an Electronic Money Institution (EMI). This licensing subjects MyCash to stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations under Sudan’s Financial Regulations Act of 2020, ensuring adherence to national financial security standards. To date, there have been no public records of penalties or enforcement actions against MyCash. For consumer protection, MyCash offers a structured transaction dispute process accessible via an in-app "Report Wrong Transaction" feature, complemented by a dedicated twenty-four-hour hotline at 2692 for direct dispute resolution, demonstrating a commitment to user trust and security.
Market Position, Competition, and Future Outlook
MyCash (MyCashi) has carved out a significant market position within Sudan’s burgeoning digital payments sector, despite facing competition from established and emerging players. Its primary competitors include Bankak by Bank of Khartoum, RittalPay from Omdurman National Bank, and the newer entrant, OPay Sudan. MyCash differentiates itself through several key strengths: it boasts the largest agent network in the country, offers extensive interoperability between wallets and existing card/bank channels, and crucially, provides USSD support for feature phones, catering to a broader segment of the population that may not have smartphone access. This strategic differentiation has contributed to its estimated thirty percent share of Sudan's digital payments volume by 2025.
Looking ahead, MyCash has ambitious expansion plans. These include further integration with international remittance corridors to streamline inbound funds, developing a merchant Application Programming Interface (API) for e-commerce integration, and significantly, planning for micro-credit partnerships in the latter half of 2026. These partnerships would allow MyCash to facilitate access to credit through third-party lenders, aligning with its mission of broader financial inclusion without directly engaging in lending itself. Current partnerships include collaborations with telcos like Digicel for USSD channel and top-up processing, a pilot with Bank of Khartoum for direct wallet-to-bank transfers in 2025, and integrations with international remittance services such as WorldRemit and Remitly for inbound transactions.
Customer Experience and Support
Customer reviews for MyCash generally highlight positive experiences, particularly on Google Play where it holds a 4.4-star rating. Users frequently praise the application's ease of use and the widespread availability of its agent network, which simplifies cash-in and cash-out processes. On the App Store, with a 4.2-star average, some users have noted complaints regarding occasional telecom outages, which can interrupt access, and sometimes slow customer care responses. These issues are often exacerbated during periods of conflict, reflecting the challenging operational environment in Sudan.
MyCash provides multiple channels for customer service, including an in-app chat feature, WhatsApp support at +249 110 270 320, and the dedicated hotline 2692. Furthermore, agents across its extensive network are trained to provide first-line support at service points, ensuring that assistance is readily available. The company has demonstrated its critical utility through impactful success stories, such as enabling emergency remittances for displaced families during the 2024 conflict, providing a lifeline for those most in need. Additionally, by onboarding over one hundred thousand merchants as "mini-banks," MyCash has significantly increased rural cash access by forty percent, profoundly impacting local economies and financial literacy.
Practical Advice for Potential MyCash Users in Sudan
For individuals considering MyCash, it is essential to approach the platform with a clear understanding of its services. As detailed, MyCash (MyCashi) is a powerful digital wallet and payment facilitator, not a direct provider of loans. Therefore, those seeking credit should be aware that MyCash does not offer proprietary lending products. However, its stated plans for micro-credit partnerships in the future could change this landscape, so staying informed about company announcements is wise.
Here is practical advice for maximizing your MyCash experience:
- Understand the Services: Recognize that MyCash excels in payments, remittances, bill settlements, and airtime top-ups. Use it for these core functions to manage your daily finances digitally.
- Familiarize Yourself with Fees: Be aware of the transaction fees for bill payments and top-ups, typically 0.5 percent to 1.0 percent. Check the in-app schedule for precise details. For international remittances, understand that a margin on forex conversion will apply.
- Utilize the Agent Network: With over ten thousand Cashi Points nationwide, learning where your nearest agents are for cash-in and cash-out services is crucial. This network is a cornerstone of MyCash's accessibility, especially in areas with limited traditional banking.
- Secure Your Account: Always protect your mobile device and MyCashi app with strong passwords or biometric security. Be cautious of phishing attempts or requests for your personal information.
- Leverage KYC for Higher Limits: Complete the full Know Your Customer process, including national ID and selfie verification, to unlock higher transaction limits and ensure full access to all features.
- Know Your Support Channels: In case of issues, use the in-app "Report Wrong Transaction" feature, WhatsApp support, or the 24/7 hotline (2692). The agents at service points are also a valuable first line of support.
- Benefit from P2P Transfers: Take advantage of the free and instant person-to-person transfers within the MyCashi network for convenient money movement between friends and family.
- Stay Informed on Future Developments: MyCash is expanding. Keep an eye on their announcements, particularly regarding new partnerships or services, which may include future micro-credit facilitation through third parties.
By understanding MyCash’s current capabilities and operational context in Sudan, users can effectively leverage this innovative digital platform to enhance their financial flexibility and inclusion.
