Cairo – July 18, 2023: Digital finance company, e-Finance for Financial and Digital Investments, is studying the possibility of applying for the digital banking license offered by the Central Bank of Egypt, as revealed by Ibrahim Sarhan, Chairman and Managing Director of e-Finance, in a recent statement.
Sarhan emphasized the company's extensive expertise in the field of financial technology and stated that it is studying the license’s requirements with its local and international partners.
Last week, the Central Bank of Egypt (CBE) introduced amendments to its regulations governing the licensing, registration, and supervision of digital banks. This aligns with the government's commitment to remain at the forefront of global advancements in the financial technology (FinTech) industry, while also supporting the nation's digital transformation into a cashless digital economy.
As per the latest changes, digital banks are now required to maintain a minimum issued and paid-up capital of LE 2 billion ($65 million). The CBE underscored that these updated guidelines are in line with Egypt's vision of transitioning towards a cashless society, bolstering financial inclusion, and fostering the growth of the FinTech industry.
During the first quarter of this year, e-Finance witnessed a surge in consolidated profits, recording a 44% increase to LE 285.47 million. Additionally, the company's parent company shareholders enjoyed profits of LE 281.94 million during the same quarter of 2023, surpassing the previous year's figures of LE 200.32 million.
Similarly, Fawry announced its interest in acquiring the digital banking license. In a recent interview with Fawry CEO Ashraf Sabry, he disclosed the company's ongoing discussions with the central bank of KSA as part of its expansion plans across multiple countries. Sabry stated that Fawry aims to finalize these expansion initiatives within the current year and eagerly implement them in the coming year.
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