By Hamed Mahmoud
Al-Ahly Momken for e-payment services aims to push the volume of its monthly transactions to the shore of LE1 billion by the end of this year and to set, in agreement with the National Bank, an additional 40,000 points of sale after the latter’s acquisition of 75 per cent of the company’s shares.
Samir Abo Hashim, Chairman and Managing Director of the company, revealed that, since October 2020, the company has adopted a plan for vertical expansion. Such a plan is based on several axes, including in the foremost maximising the revenues of points of sale (POS), activating the electronic linkage with small companies and developing their electronic system, as well as updating the infrastructure, which was reflected in the increase in the number of the company’s operations from 250,000 to one million operations per day.
Abo Hashim estimated the number of POS currently owned by the company at 15,000, indicating that the volume of monthly operations have increased more than double from December 2020 to April 2021, and that the NBE intends to inject investments worth LE150 million in developing the company’s infrastructure network.
He stressed that the company is betting on the speed of implementing any process through its network and ensuring the provision of service to customers without interruption, indicating that it was agreed with the NBE to set 40,000 additional POS in the local market during the second half of this year by about 3,600 points every month and to push the volume of transactions of the edge of one billion pounds per month.
“The Al-Ahly Momken has developed of the first new electronic system that seeks to automate the work of the micro-economic sectors, such as electrical and household appliances stores, and link their transactions to the company’s points of sales. It is also considering the launching of an application for the final consumer, whose credit will be charged through the company’s points of sale or other companies,” Abo Hashim said.
He added that during the past year the company recorded a volume of operations amounting to LE1,750 billion compared to LE1,050 billion in 2019; hence the reliance on online transactions amid the coronavirus pandemic.
The second phase of the company’s plan is based on providing all digital banking services that the National Bank provides to its customers through its platform, such as the cash in & out service, corporate services, electronic collection and electronic acceptance of all types of bank cards within a period ranging between 3 and 4 months after obtaining the PCI certificate, he concluded.
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