Cairo – Mubasher: Orascom Financial Holding (OFH) has partnered with EXCEL to launch a new financial technology (fintech) company focused on digital payments.
“This partnership marks an important step towards the implementation of the company's strategy to achieve financial inclusion and digital transformation of the financial sector in Egypt,” the company said in a bourse disclosure on Tuesday.
OFH will own a 79.9% stake in the new fintech company which has a current paid-up capital of EGP 100 million and plans to raise its capital to EGP 500 million.
The new company aims to reach more than 1 million customers in the medium term.
“The new company is OFH’s first investment in the fintech field,” said Nils Bachtler, CEO of OFH.
Ahmed Sarhan, Chairman and CEO of EXCEL, stated: “This partnership aims to form a leading entity in the fintech field, to which EXCEL will avail its broad expertise in technological solutions to ensure it can offer the best services and customer experience.”
