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Tuesday, 22 September 2020

Ebtikar taps EFG to quarterback EGX debut

IPO WATCH- Ebtikar taps EFG to quarterback EGX debut: Ebtikar — MM Group's non-banking financial services subsidiary — has hired EFG Hermes to advise on a potential IPO for Ebtikar or its e-payment subsidiaries, according to an EGX filing (pdf). The expected timeline and size of the offerings have not been determined. IR Director Ashraf Al Ghannam said in March that MM Group is eyeing an EGX debut for Ebtikar and one of its e-payments subsidiaries in 2021, while sources talking to the local press last month said that the company is looking to take the e-payments firm public in 1Q2021.

SIGN OF THE TIMES- Everyone is a fintech startup. Banque du Caire is looking to set up a new e-payments arm in the coming months after getting approval for a license from the Central Bank of Egypt, CEO Tarek Fayed says. In other news from the sector, e-payments startup PayMint was awarded a KYC licence license from the Central Bank of Egypt that will allow it to provide customer identification services for the National Bank of Egypt, says PayMint CEO Mohammad Rabie. PayMint is the second e-payment firm in Egypt to obtain the license after Fawry.

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