Managing director and chairperson of E-finance, Ibrahim Sarhan, said yesterday that the firm had launched three new subsidiaries. The move is aimed at further expanding the company’s footprint considerably.
The three new subsidiaries are e-cards, Khalis, and e-aswaq. With a capital of EGP 150 million, e-Card is a smart solutions company while Khalis will be involved in digital payments. e-Aswaq, on the other hand, will be a digital platform. Sarhan stated that the decision to split up these companies was aimed at serving customers better and also at meeting the expansion goals of E-finance.
E-finance is the only way for Egyptians to access digital payments, and the company believes that such a move will only help in expanding access. The company has invested as much as EGP 600 million and believes that E-finance has the capability of bringing in financial inclusion to Egypt in a big way.
The company is also going to boost its employee strength to 1000, which is twice the current figure. Sarhan also stated that some of the major projects completed by E-finance over the years had a major influence on the financial network of the Egyptian government. He also stressed that the company has the readiness to flag off a range of other projects as well when necessary.