Egypt's e-finance acquires minority stake in two digital payment firms

STARTUP VENTURE CAPITALMay 27, 2024 at 3:02 PM UTC

TLDR

**e-finance Increases Ownership:** Acquires 25% of Al Ahly Momkn & 13% of EasyCash for digital payments.
**Enhancing Digital Services:** Focus on boosting services for payment & collection companies.
**Strategic Growth Moves:** Align with e-finance's aim to broaden customer base & facilitate digital transactions.

Egypt's e-finance for Digital and Financial Investments has acquired a 25% stake in Al Ahly Momkn and a 13% stake in EasyCash for Digital Payment.

These acquisitions aim to enhance and streamline digital services for companies in the payment and collection sector. The moves also align with e-finance’s strategy to expand its customer base and facilitate digital payments for individuals and corporations.

“The acquisitions are part of the Group’s investment strategy, which focuses on maximizing shareholder returns and financing future growth through value-adding investments for the Group and its subsidiaries,” commented Ibrahim Sarhan, Chairman of e-finance.

Key Takeaways

Amidst the challenges of inflation and economic instability in 2023, businesses have been focusing on expansion to access new markets and consumer bases, highlighting the necessity for localized payment solutions. On the back of this and Covid-induced changes, the digital payments industry in Egypt has been growing rapidly and is projected to reach $20.6 billion this year. It is expected to grow at an annual rate of nearly 11%, reaching $31 billion by 2028. In comparison, the digital payments market in the United Arab Emirates, the financial hub of the Middle East, is anticipated to be slightly higher, at $30 billion, in 2024.

e-finance

EasyCash

Al Ahly Momkn

Egypt

Digital Payments

Fintech

Acquisition

Expansion