The Damen for Electronic Payment Solutions Company has invested LE100 million in establishing its technological infrastructure, and roughly the same capital has been spent in developing it to keep pace with future challenges and increase the volume of business, a senior company official said.
Dr Tamer al-Husseini, CEO and Managing Director of Damen ePayment, added that the company is now completing more than 650,000 operations per day, to bring the total services provided during the month to 18 million successful operations.
Praising the state’s orientation towards consolidating and generalizing the foundations of mechanization and digitization of payments and collection, CEO al-Husseini stressed that the national e-payments market is promising.
He also reiterated the “Damen” strong desire to expand and invest in African countries and to add new services, including in the foremost “insurance companies” premiums and other services, to the company’s list.
“There is strong cooperation with banks and telecom companies in Egypt to provide different services,” he said, pointing out that 70% of the company’s work volume is executed with telecom companies – Vodafone, We, Orange and Etisalat.
Appeared in the Egyptian market in 2018, the Damen has now more than 26 branches and 100,000 e-payment points scattered in all state cities and villages. The volume of services increased during 2021 from 400 to more than 500 services, most notably the payment of utility bills in addition to recharging of electricity and water smartcards, paying landline, mobile and internet bills, as well as the payment of government school and university expenses, among other services.