e-finance for Digital and Financial Investments (e-finance), a leading technology-focused investment firm in Egypt, announced on Wednesday, the acquisition of a 25% stake in Al Ahly Momken and a 13% stake in EasyCash for Digital Payments.
In a press statement, the company said that the acquisitions are part of e-finance’s strategy to expand its reach in the digital payments market and support the Egyptian government’s Vision 2030 for digital transformation.
Al Ahly Momken is a leading player in the digital payments market, serving over 90,000 merchants and more than 5 million customers. The company processes an average of 750 million transactions annually, with collections totalling around EGP 39bn per year.
EasyCash, licensed by the Central Bank of Egypt (CBE) in 2019, provides payment services for individuals, merchants, and businesses. The company plans to expand its merchant base to 95,000 over the next three years.
Both companies offer a wide range of digital payment services, including mobile wallets, QR code payments, invoice payments, and government dues payments. The partnership with e-finance will enable both companies to leverage e-finance’s technological expertise and infrastructure to develop and launch new innovative digital payment products and services.
Ibrahim Sarhan, Chairperson and Managing Director of e-finance, said, “The acquisitions are part of the Group’s investment strategy which focuses on maximising shareholder returns and financing future growth by conducting investments that add value to the Group and its subsidiaries. The two strategic transactions represent a prominent step in supporting the acceleration of the Group’s efforts in implementing its growth strategy, which is strongly backed by all our shareholders.”
Sarhan added, “The fact that the National Bank of Egypt is the largest strategic partner in both Al Ahly Momken and EasyCash further adds to the significance of the transactions. 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.”
Ahmed Elsaeed, Chairperson of Al Ahly Momken, expressed confidence that the partnership between the two institutions 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, also commented on the acquisition, stating that it represents a “significant value-adding step for EasyCash” and that both parties possess the capabilities necessary to achieve their goals in the promising non-banking financial services market.
Shahid Law Office provided legal counsel to e-finance in the transactions.
