Egypt’s e-finance Acquires Stakes in Digital Payment Firms Al Ahly Momken and EasyCash.
Egypt’s leading technology-focused investment firm e-finance has announced its acquisition of a 25% stake in Al Ahly Momken and a 13% stake in Easycash for Digital Payments.
Al Ahly Momken is a national bank in Egypt that provides platforms and channels for electronic payments and financial management. It serves over 90,000 merchants and more than 5 million customers, processing 750 million transactions annually and handling EGP 39 billion (approx. $827.1 million dollars) per year.
EasyCash is licensed by the Central Bank of Egypt, since 2019. It is a rising star in the industry, providing payment services for individuals, merchants, and businesses, with ambitious plans to expand its merchant base to 95,000 within three years.
Both Al Ahly Momken and EasyCash are leaders in the digital payment services sector, offering a wide range of services such as mobile wallets, QR code payments, invoice payments, and government dues payments. The partnership with e-finance aims to take these services to the next level, leveraging its technological expertise to develop innovative digital payment products and services.
These acquisitions align with e-finance’s strategy to expand its footprint in the digital payments market and support Egypt’s Vision 2030 for digital transformation.
Ibrahim Sarhan, Chairperson and Managing Director of e-finance, stated, “The acquisitions are part of the Group’s investment strategy, focusing on maximizing shareholder returns and financing future growth by conducting investments that add value to the Group and its subsidiaries. These strategic transactions are a significant step in accelerating our growth strategy, which is strongly supported by our shareholders.”
The companies hope to leverage on this partnership to increase their market share.
