EFG Hermes' unit to launch new products in electronic payment field

These services will include payment through QR code and converting the mobile phone to a point of sale

  
A man walks past the investment bank EFG Hermes at the Smart Village,on the outskirts of Cairo October 20, 2014.

A man walks past the investment bank EFG Hermes at the Smart Village,on the outskirts of Cairo October 20, 2014.

REUTERS/Asmaa Waguih
Arabfinance: EFG Finance Holding, EFG Hermes’ subsidiary, intends to launch a set of new products and services in the electronic payments field during the coming period, EFG Finance’s CEO Walid Hassouna said to Hapi website.

These services will include payment through QR code and converting the mobile phone to a point of sale in order to receive the money transferred from credit cards, Hassouna added.

EFG Finance invests EGP 250 million in the electronic payment field through its subsidiaries such as Valu Pay Tabs, and Xpay, Hapi reported.

EFG Hermes achieved a consolidated net profit of EGP 839,835,594 for the first nine months of 2020.

The result marked a 19% Year on Year decline from a net profit of EGP 1,034,302,688 in the January-September period of 2019.

The listed firm has a presence in the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan. It operates under the following segments: holding and treasury, brokerage, asset management, investment banking, private equity, leasing, microfinance, and assets held for sale.

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