By: Amir Taha

The "e-Finance" group for financial and digital investments - the company specializing in the field of financial technology and digital payments - revealed that it has acquired a stake in each of the shares of "AlAhly Mumkinin " by 25% and "Easy Cash" for digital payments by 13%, in order to enhance its role in... Disseminating and enabling digital services for the largest base of our partners from payment and collection companies operating in the market, through the use of digital technologies for the group’s infrastructure, which is secured with the highest security standards, and to facilitate and provide the best services to the masses of citizens within the group’s strategic objectives.

This step comes to expand access to new segments of customers and facilitate digital payment methods and means for individuals and companies using digital payment services and means, in support of the efforts of the Central Bank of Egypt and various banking and non-banking sectors to accelerate digital transformation and achieve Egypt’s Vision 2030.

AlAhly Mumkinin Company occupies a leading position in the digital payments market, as the number of merchants it serves has reached more than 90,000 merchants and a user base of more than 5 million users who carry out more than 750 million transactions annually, and the value of the company’s collections amounts to about 36 billion pounds annually, and aims to double it during the coming period. Al-Ahly Possible also enjoys many important competitive advantages, which place it in an advanced position within the Egyptian market, and among these advantages is that it is the exclusive partner for providing invoices for the “InstaPay” application, and “Al-Ahly Mumkinin” also provides... Possible" offers nearly 700 services, ranging from telecommunications payments, utilities, education, consumer finance installments, and microfinance.

Easy Cash Company provides payment solutions to individuals, merchants, and institutions, as it obtained a digital payments license from the Central Bank in 2019 and was able to obtain exclusive contracts for payments, as it aims to reach 95,000 merchants during the next three years. Easy Cash Electronic Payment Company has obtained the... Many approvals and licenses issued by the Central Bank of Egypt through the Easy Cash wallet, which provides payment services using a mobile phone via QR Code technology (for individuals, merchants) as an alternative means of paper cash transactions, in addition to the possibility of paying bills and government dues and facilitating sales operations. And purchasing by providing a different payment experience through the wallet and merchant application. Abdul Shaheed Law Office represented e-Finance in legal consultations to complete the two deals.

For his part, Ibrahim Sarhan, Chairman of the Board of Directors and Managing Director of the “e-Finance” Group for Financial and Digital Investments, said that this acquisition step comes in the context of the group’s investment strategy, which is based on achieving the greatest returns for its shareholders and financing future growth by investing in companies that provide added value to the group and its companies. The subsidiary, as these two strategic deals constitute a prominent step that supports accelerating the pace of the group’s efforts towards implementing its growth strategy, which enjoys great support from all its shareholders.

For his part, Ahmed Al-Saeed, CEO of Investments at the National Bank of Egypt and Chairman of the Board of Directors of Al-Ahly Mumkinin, said his confidence that this partnership between two institutions that are the largest in their field, paves the way towards providing innovative digital financial services on a large scale that complement the activities of the two institutions, noting that the Al-Ahly deal It may be the starting point in that partnership.

For his part, Engineer Ahmed Rajaei, Managing Director of Easy Cash Electronic Payment Company, confirmed that the entry of eFinance Investment Company as a shareholder in the company is an important added value to the company’s performance as the largest Egyptian company in the field of financial technology, especially in light of both parties having the capabilities required to achieve these results. He stressed that the non-banking financial services market is a promising market and the volume of demand for such types of services is still large, which encourages the company to expand and seek to encourage and support electronic payments.