Damen ePayment in negotiation for new investors: CEO

Daily News Egypt
3 Min Read

Expansion is the slogan for the next phase in Damen ePayment, as they succeeded within a few years in establishing its presence in the field of electronic payments, Tamer Al-Hussainy, CEO and Managing Director of Damen told Daily News Egypt.

This came during Damen’s participation in the Cairo ICT conference.

Al-Hussainy explained that Damen is keen to participate annually in this unique event that deals with the latest technologies and reviews new solutions, and that they see the exhibition as an opportunity to meet new and existing customers, as well as to meet with the rest of the players in the digital payments market, in addition to meeting “fintech” companies, as well as emerging companies to discuss new ideas and learn about modern technologies.

He indicated that the company started their business in the Egyptian market nearly three years ago, specifically in 2020, which witnessed many crises and challenges.

“But we succeeded in providing new solutions to the market and working close to the customer, and this enabled us to succeed, in 2020, we achieved steady growth, and the volume of proceeds was EGP 2.75bn. In 2021 we achieved around EGP 6.25bn, and by the end of this year, the figure rose to around EGP 12bn.”

He indicated that Damen’s market share reached 7% and that they expect to double their share.

Regarding the company’s plans, Al-Hussainy revealed that they plan to announce the launch of an electronic application for Damen by the beginning of next year. “In addition, we are in the process of finalizing some procedures to launch the Damen e-wallet to make it easier for customers to pay bills at any time and anywhere.” 

Al-Hussainy explained that the company has a presence nationwide, “as we started unlike the companies specialized in the payments market that focused their activities on Greater Cairo and Alexandria.”

He indicated that the company’s strength comes from the other governorates, especially since they succeeded in reaching every corner.

 “Our presence in Cairo is less than some of our competing companies. But we have areas of growth,” he concluded.

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