Banque du Caire to establish e-payments company
State-owned Banque du Caire will partner with an unnamed foreign investor to launch a planned e-payments company in which it will hold a majority stake, head of investments at the state-owned bank Mohamed Ragai told Al Shorouk. Ragai provided no further details on the planned e-payments arm. The bank received central bank approval for its e-payments license application late last year, and established a remittance transfer service with Fawry shortly after.
Investment plans: Banque du Caire plans to invest USD 2 mn in its Uganda branch, Ragai said. The bank is also considering launching a number of investment funds for SMEs, and plans to continue investing in leading stocks on the EGX, said Ragai.
EFG Hermes subsidiaries partner up to offer finance to merchants
EFG Hermes subsidiaries launch merchant financing program: Corp-Solutions will offer factoring services to ValU merchants under a new program the two EFG Hermes subsidiaries launched on Thursday, the investment bank announced in a press release (pdf). Merchants who have been customers of ValU for more than a year will be granted access to finance ranging between EGP 50k and EGP 10 mn, which they can use to finance working capital and make capital investments. ValU — EFG Hermes’ fintech arm — uses AI to assess credit profiles and set a pre-approved limit, enabling it to authorize the transaction within 24 hours.