E-finance plans Africa Expansions

E-finance, the first and largest electronic payment and collection gateway in Egypt, is planning to start expansions into African markets, an official from the company told Amwal Al Ghad.

Haitham Tarabik – Director of Strategy and Business Development at E-finance – announced on Tuesday that his company is in talks with a number of African central banks and finance ministries over carrying out planned expansions there.

E-finance aims to carry out projects in fields related to pensions, subsidies, etc in a number of African countries, Tarabik said declining to mention the targeted markets in Africa.

Meanwhile, he referred to E-finance’s plans to raise its capital from 175 million Egyptian pounds (US$23 million) to 200 million (US$26.2 million).

E-finance’s Africa expansions will not only be in issuing mechansized cards but also in operating technological infrastructure, the Egyptian official stated.