Egypt: e-finance acquires stakes in Al Ahly Momken, EasyCash

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E-finance for Digital and Financial Investments has acquired a 25% stake in Al Ahly Momken, and a 13% stake in EasyCash for Digital Payments.

The transactions aim to facilitate digital payments for individuals and businesses by offering digital payment services, according to a bourse filing.

The deal supports the efforts of the Central Bank of Egypt (CBE) and other banking and non-banking sectors in accelerating digital transformation and achieving Egypt’s Vision 2030.

Ibrahim Sarhan, Chairman and Managing Director of e-finance for Digital and Financial Investments, said: “The acquisitions come as part of the Group’s investment strategy which focuses on maximizing shareholder returns and financing future growth by conducting investments that add value to the Group and its subsidiaries.”

“The addition of e-finance to the two companies’ shareholders will provide a great opportunity for both companies to enhance their operations and increase their market share by facilitating the provision of new digital payment products and services”, Sarhan added.

Ahmed Elsaeed, Chairman of Al Ahly Momken, stated: “I am confident that this partnership between two of the largest institutions in their respective fields will pave the way for the provision of innovative digital financial services on a wide scale.”

Ahmed Ragaei, Managing Director of EasyCash for Digital Payments, commented: “The non-banking financial services market remains a promising market underpinned with a high level of demand for the types of services it offers, thus encouraging the company to expand and work towards supporting and enabling electronic payments”.

Al Ahly Momken operates in the digital payments market with over 90,000 merchants and 5 million customers, handling 750 million transactions annually and collecting around EGP 39 billion per year.

The company aims to double this figure soon. It is the exclusive invoicing partner of InstaPay and offers 700 services, including invoice payments, amenities, education, consumer financing, and microfinance.

EasyCash, licensed by the CBE in 2019, provides payment services for individuals, merchants, and businesses. It plans to expand to 95,000 merchants in three years.