The Egyptian payments firm E-Finance signed a memorandum of understanding with Software Group to promote financial inclusion in Egypt through Digital and Agency Banking Solutions, according to an official statement published on Monday.
The MOU was signed during the 27th edition of the Cairo ICT 2023 Middle East and Africa Exhibition and Conference, according to the statement.
The agreement is part of E-Finance’s plan to empower banks and financial institutions in Egypt by providing a wealth of solutions and services, including agency banking services, widening the access of financial services to the mass market.
Software Group, a global technology company specialising in digital banking solutions and financial inclusion, will bring forward the technology and expertise to build technological solutions for the financial sector, the statement added.
Ibrahim Sarha, E-Finance Investment Group chairman and CEO, said the Egyptian market is evolving.
He added: “we are working on empowering financial and non-financial institutions to respond innovatively to this rapid change by providing a full spectrum of digital financial service activities, supported by huge investments and a giant infrastructure established by E-Finance group aiming to accelerate the digitisation of economy.”
He further added that the group continuously seeks enrichment of its capabilities by forging partnerships to provide digital financial solutions that are first of its kind in the Egyptian market.
“The group is proud of its partnership with Software Group, a global company and a leader in its field. The cooperation will result in the provision of a diverse and new set of digital financial services to the banking and financial sectors considering the continuous development and modernisation of various regulations, controls, and laws led by the Central Bank of Egypt and the Financial Regulatory Authority to support and enhance digital financial inclusion and make more innovative financial tools available,” stated Ibrahim.
Commenting on the partnership, Software Group chief executive Kalin Radеv expressed his pride in partnering with E-Finance due to its great experience in digital transformation and financial inclusion within Egypt.
“We are thrilled to collaborate with e-finance Investment Group in this strategic partnership that accelerates financial inclusion in Egypt and supports the realisation of the country’s Vision 2030. The synergy between e-finance’s industry and market expertise and Software Group’s global experience and proven digital banking solutions, positions us to drive the nation forward into a digital era of financial inclusivity and sustainability,” stated Kalin.
