Grace Ashiru
Egyptian eFinance Investment Group (EFIG), a digital and financial investment firm, has acquired a 25% stake in NJ and a 13% stake in EasyCash, both based in Egypt. According to the company, these transactions will simplify digital payments for both individuals and businesses, aiding the Central Bank of Egypt (CBE) and other banking and non-banking sectors in achieving Egypt’s Vision 2030 for digital transformation.
Known as e-finance, these acquisitions are part of the company’s investment strategy aimed at growth and expansion in the digital payment market. This partnership will also enhance financial inclusion services and culture.
Founded in 2005, EFIG has evolved into a leading technology-focused investment firm in Egypt’s digital market over the past 19 years. The firm’s diverse portfolio targets multiple markets, driving digital transformation across various sectors in Egypt, thus supporting the development of the country’s digital economy and promoting financial inclusion.
Ibrahim Sarhan, the Chairperson and Managing Director of eFinance, stated that the acquisitions align with the group’s investment strategy to enhance shareholder returns and fund future growth.
Sarhan also highlighted that the National Bank of Egypt is the largest strategic partner in Al Ahly Momkn, a subsidiary of the National Bank of Egypt’s investment arm, Al Ahly Capital Holding, as well as the state-owned EasyCash, enhancing the significance of these transactions.
A report from November 2023 revealed that e-finance was in discussions to acquire two retail-focused digital payments companies to broaden its presence in the retail payments market.
Al Ahly Momkn delivers digital payment solutions to more than 90,000 merchants and 5 million customers. Each year, it handles around 750 million transactions. The company is said to provide up to 700 different types of services, which include invoice payments, education, and microfinance.
EasyCash, a payment services provider licensed by Egypt’s Central Bank (CBE) in 2019, serves individuals, merchants, and businesses. Its goal is to reach 95,000 merchants within three years. The companies aim to expand their market share and introduce new, innovative digital products and services through this partnership.
