– 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, aiming to enhance digital payment services for individuals and businesses.
– These acquisitions support the Central Bank of Egypt’s (CBE) efforts and other sectors in accelerating digital transformation and achieving Egypt’s Vision 2030, as stated by Ibrahim Sarhan, Chairman and Managing Director of e-finance.
– Al Ahly Momken, which serves over 90,000 merchants and 5 million customers, and EasyCash, licensed by the CBE in 2019, plan to expand their services and market presence significantly, leveraging e-finance’s support.
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. These transactions are intended to enhance digital payment services for both individuals and businesses, as stated in a stock exchange filing.
This move aligns with the Central Bank of Egypt (CBE) and other banking and non-banking sectors’ efforts to expedite digital transformation and support Egypt’s Vision 2030.
Ibrahim Sarhan, Chairman and Managing Director of e-finance for Digital and Financial Investments, remarked, “These acquisitions are part of our investment strategy to maximize shareholder returns and fund future growth through value-adding investments for the Group and its subsidiaries.”
Sarhan further noted, “Including e-finance among the shareholders of these two companies will present significant opportunities for operational enhancement and market share expansion by introducing new digital payment products and services.”
Ahmed Elsaeed, Chairman of Al Ahly Momken, expressed confidence in the partnership, stating, “This collaboration between two leading institutions in their fields will pave the way for delivering innovative digital financial services on a large scale.”
Ahmed Ragaei, Managing Director of EasyCash for Digital Payments, commented, “The non-banking financial services market holds great promise, driven by high demand for such services, motivating the company to expand and support electronic payments.”
Al Ahly Momken serves the digital payments market with over 90,000 merchants and 5 million customers, processing 750 million transactions annually and collecting approximately EGP 39 billion per year. The company aims to double this volume soon. As the exclusive invoicing partner of InstaPay, it offers 700 services, including invoice payments, utilities, education, consumer financing, and microfinance.
EasyCash, licensed by the CBE in 2019, provides payment services to individuals, merchants, and businesses, with plans to expand to 95,000 merchants within three years.
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