NBE Invests 20% in Easy Cash: Driving Financial Inclusion and Electronic Payments Revolution

National Bank of Egypt signed an agreement with shareholders regarding the subscription in the increase of Easy Cash Electronic Payment Company's capital by 20% of the company's shares after the increase.

The goal is to provide non-banking financial services to a larger number of customers. The signing was attended by Hisham Okasha, Chairman of the Board of the Egyptian National Bank, Abdeen Arideh, Chairman of the Board of Easy Cash Electronic Payment Company, and Mohamed M. Abou El Enein, Chairman of the Cleopatra Ceramics Group, one of the major shareholders in Easy Cash Company, along with Yahya Abou El-Fotouh and Dalia El-Baz, Deputy Chairpersons of the Board of the National Bank of Egypt.

The signing was also attended by Ahmed Al-Saeed, CEO of Investments and Investment Trustees, Karim Soos, CEO of Retail Banking and Branches at the Egyptian National Bank, Mustafa Omran, General Manager of Easy Cash Electronic Payment Company, and the company's shareholders, as well as teams from both sides.

Hisham Okasha stated that NBE aims to invest in Easy Cash Company, contributing to one of the largest non-banking financial services companies, supporting the bank's role in electronic payments and financial services, and thus providing non-banking financial services to a larger number of customers.

He also explained that this aligns with the bank's role in supporting the state's and the central bank's financial inclusion initiatives, transitioning to a less cash-dependent society, which is a key aspect of economic development and reducing the informal sector. Additionally, the expected positive impact includes accelerating business processes and collection cycles.

Okasha emphasized that this signing is one of the important steps taken by the bank to promote the culture of electronic payments by contributing to promising companies like Easy Cash Electronic Payment Company. The non-banking financial services market remains promising, with significant demand for such services, encouraging the bank to expand and enter more agreements to promote electronic payments, microfinance, and consumer finance.

He also highlighted that collaborating with a large and reputable institution like NBE is a distinctive addition for the company. It is part of Easy Cash's plans and strategies to establish successful partnerships with entities experienced in the Egyptian market, especially considering the alignment of visions to achieve financial inclusion across the country.

The collaboration aims for a successful partnership, achieving unprecedented growth rates that match the significance of both entities, with the dedicated teams from both the bank and the company working together to achieve these results.