Banque Misr, Egypt's second biggest state lender, Etisalat by e&, affiliated to Emirati e&, have launched an electronic payments firm with a capital of 500 million Egyptian pounds ($16.17 million), according to sources familiar with the matter told Asharq Business. The joint before electronic payments company is expected to be launched before the end of this year, according to the sources on Tuesday. E& firm would own more than 60 percent stake in the new company while the remaining stake would return to Banque Misr. The electronic payments company aims to cover different segments of the Egyptian market, as well as benefiting from the customer base of E& company, which has more than 31.6 million users, according to the company's data last June. Over the past few years, Egypt has seen the establishment of many e-payment companies, to benefit from the growing population in the largest Arab market. The Egyptian market employs about 22 firms in the field of electronic payments, including Fawry, Aman, and Al Ahly Momkn.
