Prime FinTech to account for 70% of Prime Holding’s business within 3 years: Chairperson

Alyaa Stohy
2 Min Read

Prime Holding aims to expand in financial services over the next three years, by launching a number of subsidiaries in various financial activities.

Sherine El-Kady, Chairperson of Prime Holding, said the business results of the company will be affected during the coming period due to the planned expansions, and then the results will turn positive gradually. The company also plans to debut on the Egyptian Exchange.

During the celebration of the company’s 25th anniversary, El-Kady added that the non-banking financial services arm, Prime FinTech, will account for about 70% of the parent company’s business within three years.

Prime FinTech has recently acquired Paradigm Invest, specialised in financial consultancy, as part of its plan to expand in the field of non-banking financial activities.

Mohamed Maher, Vice Chairperson and CEO of Prime Holding, said that the recovery of the Egyptian economy and the money market in particular from the impacts of the novel coronavirus pandemic will positively affect the company’s traditional activities, specifically managing IPOs.

He stressed that the monetary easing policies will positively affect the performance of the Egyptian market in the coming period and the government’s IPO programme will restart with “e-finance” company in the first quarter of next year.

Mervat Erian, CEO of Prime Fintech, said that the company for the first time in Egypt provides three different financial services: leasing, factoring, and consumer finance services.

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