Raya launches e-payment arm Aman in Egypt

Egypt’s information telecommunications firm, Raya Holding has launched Tuesday its electronic payment arm named Aman for E-payment Services.

Founded with a capital worth 100 million Egyptian pounds ($5.6 million), Aman for E-payment Services has a business volume of 40 million pounds in Egypt, said Medhat Khalil, Chairman and CEO at Raya Holding.

Aman plans to double its capital to 200 million pounds in the coming period through partnerships with a number of banks, Khalil added.

During the launching ceremony, Khalil stated that Aman is 100 percent owned by Raya Holding, and plans to capture 30 percent of Egypt’s e-payment market.

He further added that the Central Bank of Egypt has todraw regulations fore-payment mechanism in the country.

Mohamed Wahby, chief executive of Aman, said his company would adopt innovative ways in offering its services depending on Raya’s infrastructure with the latest technical standards used by global companies, and Raya’s experience in the field of electronic payments of more than 10 years.

“We will work to meet the needs of all customers and enable them to carry out their financial transactions through our presence in outlets all over Egypt, mobile applications, and the internet,” Wahby stressed.