Back to the complete issue
Tuesday, 14 April 2020

EFG Hermes signs partnership agreement to set up PayTabs Egypt

EFG Hermes moves into online payments space: EFG Hermes has signed an agreement with online payment platform PayTabs to set up PayTabs Egypt, EFG said yesterday (pdf). The new company will launch before the end of this month, EFG Hermes CEO Walid Hassouna said, according to Al Mal. No details were provided on value of the investment. The move comes as EFG Hermes continues to build its non-bank financial services arm, which already includes microfinance, leasing, factoring and consumer finance, among other offerings.

New services: The fintech partnership with PayTabs will offer digital payment platforms including one-click payments and merchant solutions, the release notes. EFG Hermes’ venture into NBFS has helped the company smooth out its earnings amid the traditional volatility of the investment banking business for which it is best known.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2020 Enterprise Ventures LLC.