View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 20, 2021

Egyptian payments firm e-finance to float 14.5% stake in Q4

Egyptian state-operated payments firm e-finance plans to float a minority stake on the Egyptian Exchange (EGX).

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

The platform will offer up to 14.5% of its shares in the fourth quarter of this year, Reuters reported citing a company statement.

Established in 2005, e-finance is authorised to operate the government’s financial network, which processes around 500 million transactions annually.

The firm aims to float 177.8 million new shares on the stock exchange. It will also offer 80 million shares that are currently owned by current shareholders to investors.

The sale is subject to regulatory approvals and other conditions.

State-owned lender National Investment Bank holds a 63.64% stake in e-finance, according to a 2019 annual report. Two other lenders National Bank of Egypt and Banque Misr own 9.09% holding each.

Payments operator Egyptian Banks Company and Egyptian Company for Investment Projects each own the remaining stake equally.

The sale of stake follows a government’s plan to reduce its stake holding in several companies. However, the programme was affected by market downturns and the impact of Covid-19 pandemic.

Last year, e-finance reported an annual revenue of EGP1.23bn ($78m). In the first half of this year, the figure was EGP904m.

Due to a large unbanked population, Egypt is primarily a cash-driven society. Last year, cash accounted for around 74.7% of overall payment volume in the country.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International