Egypt’s MEDAF Investments plans new e-payment unit

Big 5

Egypt’s Mediterranean and Africa (MEDAF) Investments is planning to set up a new unit for electronic payment activities, its investment manager said on Monday.

The unit, which will bear the name of MEDAF for E-payments, is set to capture between 20 and 25 percent share of Egypt’s electronic payment market, Hatem Elalfy told Amwal Al Ghad.

“MEDAF is working to complete what it takes to tap this (e-payment) market. Our group’s total investments are exceeding 1 billion Egyptian pounds ($60.9 million),” Elalfy said.

The step was triggered by the recent considerable growth rates, which ensure a positive medium-to-long- term indicators showing Egypt’s fintech market as promising, he added.

Elalfy also highlighted the importance of investing in digital transformation. By 2020, global companies will allocate almost $2 trillion for developing digital transformation techniques, he said.

Founded in 1958, MEDAF is an Egyptian holding investment company. Kuwaiti’s Al-Raya Mutameyeza is one of its prominent shareholders. The company operates at various sectors, such as the oil and gas sector, infrastructure development, food industry, insurance, real estate, and hotels, as well as the religious tourism sector for the Gulf region.

Earlier this month, MEDAF acquird a 26 percent stake in Al-Thoraya Oil Refining Company. The deal, which makes MEDAF the largest partner in the company, is one of the many transactions with which the investment firm plans to achieve its target for promising investment opportunities in various sectors.