eFinance acquires stakes in two digital payment firms

Egyptian eFinance Investment Group (EFIG), a digital and financial investment firm, has acquired a 25% stake in Al Ahly Momkn and a 13% stake in EasyCash, both based in Egypt.

Per the company, the transactions would make digital payments easier for individuals and businesses, helping the Central Bank of Egypt (CBE) and other banking and non-banking sectors achieve Egypt’s Vision 2030 for digital transformation.

Also known as e-finance, the acquisitions are part of the company’s investment strategy for growth and expansion in the digital payment market. The partnership will also expand financial inclusion services and culture.

EFIG was founded in 2005 and has grown to become a technology-focused investment firm in Egypt’s digital market over the last 19 years. The firm’s portfolio includes multiple target markets to enable digital transformation for various sectors in Egypt to support the development of the country’s digital economy and financial inclusion.

Ibrahim Sarhan, Chairperson and Managing Director of eFinance, said the acquisitions are part of the group’s investment strategy to leverage shareholder returns and fund future growth.

Sarhan also mentioned that the National Bank of Egypt is the largest strategic partner in Al Ahly Momkn — a subsidiary of the National Bank of Egypt’s investment arm, Al Ahly Capital Holding — and the state-owned EasyCash, which adds to the transactions’ significance.

According to a previous report from November 2023, e-finance was in talks to acquire two retail-focused digital payments firms to expand into the retail payments market.

Al Ahly Momkn provides digital payment solutions to over 90,000 merchants and 5 million customers. It processes approximately 750 million transactions per year. Additionally, the company reportedly offers up to 700 different types of services, including invoice payments, education, and microfinance.

EasyCash, on the other hand, is a payment services provider that was licensed by Egypt’s Central Bank (CBE) in 2019. It serves individuals, merchants, and businesses and aims to reach 95,000 merchants within three years.

The companies hope to increase their market share and launch new innovative digital products and services through the partnership.

(Techpoint Africa)

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