Egypt’s e-finance for Digital and Financial Investments (e-finance), a leading technology-focused investment firm, announced on Wednesday its acquisition of a 25% stake in Al Ahly Momken and a 13% stake in EasyCash for Digital Payments. These acquisitions align with e-finance’s strategy to expand its footprint in the digital payments market and support Egypt’s Vision 2030 for digital transformation.
Al Ahly Momken is a prominent player in the digital payments sector, serving over 90,000 merchants and more than 5 million customers, processing an average of 750 million transactions annually, and collecting approximately EGP 39 billion per year. EasyCash, licensed by the Central Bank of Egypt (CBE) in 2019, provides payment services for individuals, merchants, and businesses, with plans to expand its merchant base to 95,000 within the next three years.
Both companies offer a variety of digital payment services, including mobile wallets, QR code payments, invoice payments, and government dues payments. The partnership with e-finance will allow them 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, 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 highlighted that the National Bank of Egypt, the largest strategic partner in both Al Ahly Momken and EasyCash, adds to the importance of these transactions. He noted that e-finance’s addition to the shareholder base will enhance the operations of both companies and increase their market share by facilitating new digital payment products and services.
Ahmed Elsaeed, Chairperson of Al Ahly Momken, expressed confidence that the partnership will pave the way for innovative digital financial services on a wide scale. Ahmed Ragaei, Managing Director of EasyCash, stated that the acquisition represents a significant value-adding step for EasyCash, emphasizing the potential of the non-banking financial services market.
Legal counsel for e-finance in these transactions was provided by Shahid Law Office.
