Egypt - Orascom Financial pushes into fintech
Friday, 04 23 2021, Category: Technology, Country: Egypt
Orascom Financial Holding (OFH) is making its entry into the fintech space, announcing today in an EGX statement that it will partner with Egyptian software provider Excel to launch a new e-payments company. The statement did not specify which end of the sector the company will target. OFH will hold a 79.9% stake in the as-yet unnamed company, the statement said, while Excel will hold the remaining 20.1%, a source familiar with the matter told us. The firm will launch with EGP 100 mn in paid-in capital, which OFH and Excel expect to increase to EGP 500 mn in the future.
The company has ambitious targets, setting itself the goal of reaching 1 mn customers in the medium-term, the statement said without elaborating. The venture will introduce a new technology with a group of products and solutions “that will facilitate cashless transactions for all payments and financial needs,” the new company’s CEO, Mohamed Aboul Naga, said.