Etisalat Egypt by e& and Banque Misr have announced the launch of SuperPay, a new company that offers innovative electronic payment solutions. SuperPay aims to provide payment services through soft POS, which are cheaper and more convenient than traditional POS machines, subject to the approval of the Central Bank of Egypt. The company also plans to offer lending services to its merchant network based on electronic transactions, using artificial intelligence technology to boost its business volume. SuperPay has a capital of EGP 500m, with Etisalat Egypt by e& holding the majority stake and Banque Misr holding a minority share.
Tarek Nagi, the CEO of SuperPay, said that the company’s goal is to capture 10% of the e-payment market in Egypt as a first step. He also said that the company intends to deploy 190,000 machines across various governorates within 5 years.
Hazem Metwally, CEO and Managing Director of Etisalat Egypt by e&, said that the launch of SuperPay is the result of two years of planning and cooperation with Banque Misr. He added that Etisalat Egypt by e& strives to provide its customers with a complete technological platform that meets their needs and expectations, either through partnerships or the launch of new companies like SuperPay.
Metwally also expressed his optimism about the potential of the e-payment market in Egypt, which has witnessed remarkable growth rates of up to 100%. He said that Egypt still has a lot of room for further development and expansion in this field.