The IPO of e-finance will be completed by January 2020, Ibrahim Sarhan, chairperson and managing director of the company, announced on Tuesday.
Sarhan told Daily News Egypt, on the sidelines of the Egypt Economic Summit, that the IPO advisor is conducting studies that include the required local and international expansion and the total capital increase required.
“We were aiming to expand outside Egypt this year, but the local market is growing at a very high rate, which requires our full attention, and we will be going abroad next year,” he said.
Sarhan expects a growth of about 25% in e-finance’s profits and revenues by the end of this year.
In regards to e-payments, he explained that his company’s operations boomed in 2019, especially as authorities move towards cashless payments, and the issuing of e-payments act which stipulates the electronic payment of government fees for amounts exceeding EGP 500m.
Accordingly, government revenues from electronic transactions hit the EGP 4bn mark.
