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Tuesday, 8 February 2022

e-Finance signs first agreement outside of Egypt

e-Finance steps out of Egypt: e-Cards, a subsidiary of EGX-listed fintech player e-Finance, has signed a 10-year contract with Zimbabwean healthcare company Tres Groupe International to supply smart cards, e-Finance announced in a statement (pdf) to the EGX yesterday.

The contract: The company will provide more than 2 mn people with prepaid cards that can be used to pay for health services, in addition to 7k POS machines. e-Cards will also manage the system on behalf of TGI for the 10-year period.

What they said: “This marks the beginning of the group’s strategic plans to expand its service offering to Africa,” e-Finance Chairman Ibrahim Sarhan said in the statement. “[The] partnership with TGI in Zimbabwe is a stepping stone for e-Finance as a group to begin offering its experience and various digital solutions across Africa.”

In other fintech news:

  • e-Finance’s digital payments arm Khales has applied to the Financial Regulatory Authority to obtain consumer finance and microfinance licenses, Sarhan said at a presser yesterday. (Al Borsa | Al Mal)
  • The National Bank of Egypt has committed USD 30 mn to a UAE-based fintech investment fund and will invest EGP 100 mn in Digital Finance Holding’s upcoming venture debt fund Camel Ventures. (Al Borsa)

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