Leading technology-focused investment firm e-finance for Digital and Financial Investments (e-finance) in Egypt announced on Wednesday that it has acquired a 25% share in Al Ahly Momken and a 13% share in EasyCash for Digital Payments. These acquisitions complement Egypt’s Vision 2030 for digital transformation and are in line with e-finance’s plan to increase its market share in the digital payments space.
In the world of digital payments, Al Ahly Momken is a major player. It provides services to over 5 million customers and 90,000 merchants, processes 750 million transactions on average annually, and makes about EGP 39 billion in revenue annually.
With plans to grow its merchant base to 95,000 within the next three years, EasyCash, which was granted a license by the Central Bank of Egypt (CBE) in 2019, offers payment services for individuals, merchants, and businesses.
Mobile wallets, QR code payments, invoice payments, and government dues payments are just a few of the digital payment services that both businesses provide. They will be able to create and introduce cutting-edge digital payment products and services by utilizing e-finance’s technological know-how and infrastructure thanks to their partnership.
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.”
Sarhan emphasized that these transactions are all the more significant because the National Bank of Egypt is the biggest strategic partner in both Al Ahly Momken and EasyCash. By enabling new digital payment products and services, he pointed out that e-finance’s entry into the shareholder base will improve both businesses’ operations and market share.
The head of Al Ahly Momken, Ahmed Elsaeed, expressed optimism that the collaboration will open doors for cutting-edge digital financial services to be offered widely. EasyCash’s managing director, Ahmed Ragaei, emphasized the potential of the non-banking financial services market by saying that the acquisition is a significant step forward for the company.
Shahid Law Office served as the transaction’s e-finance legal counsel.
