E-finance for Digital and Financial Investments (e-finance) has announced a strategic move to enhance its presence in Egypt’s digital payments market. The firm has acquired a 25% stake in Al Ahly Momken and a 13% stake in EasyCash, marking significant steps in its growth strategy.
Al Ahly Momken, a key player in Egypt’s digital payments sector, serves over 90,000 merchants and more than 5 million customers, processing around 750 million transactions annually worth approximately EGP 39 billion. EasyCash, licensed by the Central Bank of Egypt since 2019, provides various payment services for individuals, merchants, and businesses, with plans to expand its merchant network to 95,000 over the next three years.
E-finance’s acquisitions are aligned with its strategy to expand its market reach and support the Egyptian government’s Vision 2030 for digital transformation. The firm aims to leverage its technological expertise and infrastructure to develop new digital payment products and services through these partnerships.
Ibrahim Sarhan, Chairperson and Managing Director of e-finance, highlighted the importance of these investments. “These acquisitions are part of our strategy to maximize shareholder returns and support future growth. Partnering with companies like Al Ahly Momken and EasyCash enhances our capability to deliver innovative digital payment solutions,” he said.
The collaboration with the National Bank of Egypt, a strategic partner in both Al Ahly Momken and EasyCash, adds further value to these transactions. Sarhan emphasized that this partnership would boost the operations and market share of both companies by enabling the introduction of new digital payment services.
Ahmed Elsaeed, Chairperson of Al Ahly Momken, expressed confidence in the partnership’s potential to scale innovative digital financial services across Egypt. Similarly, Ahmed Ragaei, Managing Director of EasyCash, noted that the acquisition is a significant step that will help EasyCash achieve its goals in the non-banking financial services market.
These acquisitions by e-finance are expected to contribute significantly to Egypt’s digital transformation and financial inclusion efforts, in line with the goals of Vision 2030. By fostering technological advancements and expanding digital payment services, e-finance is set to play a crucial role in the evolution of Egypt’s financial landscape.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
23rd May, 2024
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