By Hamed Mahmoud
Vodafone signed a Memorandum of Understanding (MoU), with Ebtikar Holding Company for Financial Investments, the owner of the two electronic payments (e-payments) companies.
The MoU paves the way for Vodafone Egypt to participate in the two e-payment platforms’ capital subscription with a 20% stake each.
It forms part of Vodafone Egypt’s plan to increase its investments in the Egyptian market, and provide various digital payment services to its individual and corporate clients.
This is in addition to investments in the network to improve service, enhance the support of digital transformation, and apply the concept of financial inclusion in Egyptian society.
During his visit to Egypt and his meeting with President Abdel Fattah Al-Sisi in December, Vodafone Group CEO Nick Reed said that Egypt has seen an increase in investments. This has particularly been seen in digital transformation and providing more services to achieve financial inclusion.
Reed noted the possibility of Egypt being an important centre for these services in Africa. He also highlighted expanding regionally and exchanging experiences in this field, in order to support the achievement of Egypt’s Vision 2030.
The MoU was signed in the presence of: Mohamed Abdallah, CEO of Vodafone Egypt; Karim Eid, Head of the Commercial Sector of Vodafone Egypt; Rasha Al-Azhari, Head of the Financial Sector; Ayman Essam, Head of the External and Legal Relations Sector; Khaled Mohamed Mahmoud, Member of the Board of Directors of Ebtikar and Chairperson of the MM Group Group; and Ayman El-Desouky, CEO of Ebtikar and Chairperson of Bee.