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Vodafone Egypt invests in e-paymentsMENA

Vodafone Egypt invests in e-payments

Vodafone Egypt signed an agreement with Ebitkar Holding for Financial Investments to buy a 20% stake in their e-payment subsidiaries Masary and Bee. The move is part of the network operator’s strategy to provide digital payment alternatives to customers in the northern African nation.

Currently, cash is king in Egypt; so, the opportunity to provide innovative banking alternatives that foster financial inclusion is certainly there.

In fact, the Egyptian Central Bank has also been pushing for FinTech strategies, and their efforts include the launch of the national payment system Meeza, the Non-Cash Payment Law, and the e-collection of government payments.

why it matters
The Egyptian FinTech market has been exploding in recent years as the need for innovation and alternative financial services increases. Digital payment firm Fawry, to name an example, nearly quadrupled its value in the past year alone.