-Abu Khadra: FinTech sector grows at fastest pace in years
-Abu El-Naga: Abu Khadra's appointment reinforces CowPay's vision to fulfil further successes
By : Bakinam Khaled
CowPay, the leading fintech service provider and e-payment enabler, said it had appointed Mohamed Abu Khadra as its new CEO, effective September 1. Abu Khadra succeeded CEO Hussain Al-Manawi, who joined the company’s board.
Abu Khadra boasts of a proven track record of successes in the fintech and e-payment industry. He contributed to raising awareness on the key role of fintech services and its applications during his work as a marketing director at Bee Smart Payment Solutions for 10 years.
Abu Khadra said: I am pleased and proud to have been selected as new CEO of prominent fintech platform CowPay. And looking forward to achieving the ambitions of the company's board and investors, expanding its foothold, and boosting its market share."
He added the Fintech market offers unprecedented opportunities on the back of the Central Bank of Egypt's (CBE) support to the industry’s information infrastructure and legal framework in order to increase penetration of fintech services in our daily lives.
In this respect, mobile phone wallet transactions surged by 108% to 212 million transactions in the first half of 2022, recording EGP 250 billion, according to CBE data. CBE said point-of-sale (PoS) transactions reached 110.6 million at a combined value of EGP 108.7 billion. Meanwhile, e-commerce transactions amounted to 60.3 million, totaling EGP 22.3 billion by the end of June 2022.
Mohamed Abu El-Naga, Vice Chairman of CowPay, expressed confidence in Abu Khadra and his ability to trigger a quantum leap in the company's business and to build on Al-Manawi's achievements. Currently, CowPay serves more than 500 clients and adopts an ambitious expansion plan to scale up its businesses.
Established in 2019 as an Egyptian company, CowPay is a payment facilitator registered at CBE. The company's board members have long-standing experience and in-house expertise in the e-payment and telecommunications sector.
CowPay provides innovative e-payment solutions for companies and individuals to help them transform their payment and collection transactions. The company has a shareholding structure of pioneering Egyptian and regional investors.
