e-finance for financial investments negotiates with a strategic investor who wants to buy a stake in a subsidiary of e-finance.
Ibrahim Sarhan, Chairperson of e-finance, said that the company is negotiating with a local strategic investor to subscribe to an increase in the capital of a subsidiary company, pointing out that the negotiations are about to be completed and implementation is soon.
He added to Daily News Egypt that 70% of the investments expected to be injected, which amounted to about EGP 2.5bn until the end of 2025, will be directed to expand non-banking financial activities and cloud computing services to achieve a growth rate of about 250% by the end of the same period, pointing out that the remaining Investments will be directed to technological infrastructure.
He explained that the company aims to expand microfinance activities, microfinance, insurance, and micro insurance, in addition to consumer finance activity, stressing that the company is conducting the necessary studies to penetrate the field during 2023.
He explained that the business model for these activities will be entirely through technological platforms, especially after the legislation for the establishment of technological platforms, which was recently made available by the Financial Regulatory Authority.
He stressed that the company aims to obtain a digital bank license as soon as it is offered by the Central Bank of Egypt, but it is currently focusing on providing technological services and digital solutions necessary for banks, and aims to expand significantly in that part.
He explained that traditional banks must digitize during the coming period, which creates ample opportunities for e-finance to expand its provision of the necessary digital services and solutions.