Hisham Okasha, Chairperson of the National Bank of Egypt (NBE), has announced the launch of a financial technology (fintech) platform. The new platform will be launched through the bank's microfinance and electronic payment arm, Tamkeen, to provide non-traditional financial services. According to Okasha, Tamkeen also acquired 75% of the e-payment company, Momken. This will help maximise its role in providing e-payment solutions and spreading points of sale (POS) for all banks operating in Egypt. Okasha stressed that the new platform reflects the NBE's keenness on expanding its activities. It will include e-payment activities, non-banking financial services, and all microfinance products. He also said that the platform is set to become one of the major companies operating in financial services. NBE Vice-Chairperson Dalia El-Baz said that the platform mainly serves groups that are not covered financially, and integrates its activities with various financial systems and NBE services. In addition, it aims to provide solutions to enable individuals and companies to obtain financial services in the shortest and easiest way. They will be able to do so using the latest financial technology systems, which the NBE is keen to update continuously with huge investments. According to Al-Baz, Tamkeen plans to acquire a number of companies operating in the field of fintech and non-banking services during the next three years. It wishes to integrate them into the current platform, as it seeks to partner with startups, linking them with its current platform to provide the largest number of services to its customers. Karim Saada, CEO of Al Ahly Capital Holding, said that this is the first step in a group of acquisitions and establishment of companies. It will lead to access to an integrated set of financial services, based on a technological structure that keeps pace with the rapid development of how these services are provided. Magdy Moussa, Managing Director of Tamkeen, said that the company aims to provide a package of financing products to owners of micro-enterprises. This would be through a series of specialised branches and relying on digital technology in the processes of granting loans, financing and collecting them. The company's first branches are in Upper Egypt governorates. He added that the company plans to open about 50 branches in the first year to reach more than 30,000 customers, with an ambitious plan to expand nationwide. The expansion will ensure the company's branch network will reach 150 branches by the end of the third year of operation. Mai Asfour, head of the investment sector at Al Ahly Capital Holding, said that the platform will have an effective role in expanding the base of financial dealers. These aim to reach all target groups to be financially included in the various governorates of the country. She added that investing in technological transformation and spreading financial services will improve human elements and their skills, as well as create new direct and indirect jobs. Samir Abo Hashem, Chairperson of Momken, said that, under the deal, the two companies are looking to implement an expansion strategy. This will occupy an advanced position in the electronic payments market and increase the market share within two years. They also seek to introduce new services targeting to cover all groups in various governorates.
