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 strategic investments aim to bolster digital payment services for individuals and businesses.
These acquisitions align with the Central Bank of Egypt’s (CBE) and other sectors’ efforts to accelerate digital transformation, supporting Egypt’s Vision 2030, according to Ibrahim Sarhan, Chairman and Managing Director of e-finance.
Al Ahly Momken, which caters to over 90,000 merchants and 5 million customers, and EasyCash, licensed by the CBE in 2019, plan to leverage e-finance’s backing to expand their services and market presence significantly.
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.”
