eFinance Investment Group, one of Egypt’s leading developers of digital payment infrastructures, has signed a Memorandum of Understanding (MOU) with Software Group, a global technology company specialized in digital banking solutions and financial inclusion, to encourage the adoption of digital financial technologies, Agent Banking, along with cloud computing services and artificial intelligence. The MOU, which was signed during the 27th edition of Cairo ICT 2023 Middle East and Africa Exhibition and Conference, is part of EFIG’s plan to empower banks and financial institutions in Egypt by providing a wealth of solutions and services including agency banking services widening the access of financial services to mass market, while focusing on rapid time to market. This Partnership is capitalizing on the capabilities of SW Group Agency Banking Technology aiming to contribute to the Central Bank of Egypt’s strategy for financial inclusion and national economic development under the 2030 Vision. Furthermore, the partnership augments EFIG’s vision to be an enabler, not only for Digital Banks, but also for Banks and NBFIs who wish to become more digital. The aim is to provide pre-built building blocks and make them available to achieve faster time to market and high value for customers. This Financial Services Platform is compatible with the banking regulatory instructions published by the Central Bank of Egypt and the Financial Regulatory Authority, allowing EFIG to provide a wealth of components in Banking-as-a-Service (BaaS) model on its Sovereign Public Cloud. eFinance’s ability to operate national-scale end-to-end mission-critical solutions is one of its kind; It is considered one of the top unique values that eFinance provides for its customers. Software Group will capitalize on its technology and expertise necessary to build technological solutions for the financial sector. The company’s DigiWave Digital Banking Platform will serve as the foundational system, complemented by its off-the-shelf digital channel solutions including agency banking, mobile and internet banking, loan origination with credit scoring, mobile card applications and digital wallets, factoring, enterprise integration, and more. EFIG and Software Group are developing a commercial model to support the development and management of all digital banking and financial components.  Further, the two companies will partner to market, and cooperate with banks and financial institutions in Egypt and beyond to enhance financial inclusion and reduce the costs incurred by banks in leveraging new technologies, opening new branches, and reaching underserved customers in remote locations. While commenting on the partnership, eFinance Investment Group Chairman and CEO, Ibrahim Sarhan, said, the Egyptian market is evolving and we are working on empowering financial and non-financial institutions to respond innovatively to this rapid change  by providing a full spectrum of digital financial service activities, supported by huge investments and a giant infrastructure established by eFinance Investment Group aiming to accelerate the digitization of economy. He further added that the group continuously seeks enrichment of its capabilities by forging partnerships to provide digital financial solutions that are first of its kind in the Egyptian market. “The group is proud of its partnership with Software Group, a global company and a leader in its field. The cooperation will result in the provision of a diverse and new set of digital financial services to the banking and financial sectors considering the continuous development and modernization of various regulations, controls, and laws led by the Central Bank of Egypt and the Financial Regulatory Authority to support and enhance digital financial inclusion and make more innovative financial tools available,” stated Ibrahim. Also commenting on the partnership, Software Group CEO, Kalin Radеv expressed his pride in partnering with EFIG due to its great experience in digital transformation and financial inclusion within Egypt. “We are thrilled to collaborate with eFinance Investment Group in this strategic partnership that accelerates financial inclusion in Egypt and supports the realisation of the country’s Vision 2030. The synergy between EFIG's industry and market expertise and Software Group's global experience and proven digital banking solutions, positions us to drive the nation forward into a digital era of financial inclusivity and sustainability,” said Kalin.

In support of the financial inclusion strategies and the digital transformation of Egypt, eFinance Investment Group and IBM Egypt signed a cooperation agreement in the presence of Ms. Ana Paula Assis, Chair and General Manager EMEA at IBM, along with Mr. Saad Toma, General Manager at IBM Middle East & Africa. The protocol aims to study the establishment of an integrated digital banking platform, infused with artificial intelligence, for banks and financial institutions in alignment with the directives and policies of the Central Bank of Egypt. The platform aims to provide digital systems and services to banks and financial institutions, assisting them in achieving their business goals, expanding their customer base, and delivering a distinguished user experience. Additionally, it seeks to reduce operational costs, contribute to sustainability objectives, and mitigate environmental impact by offering services electronically. According to the cooperation protocol, the alliance is set to provide advanced technology to the banking sector, leveraging the capabilities of the IBM Watsonx platform for data and artificial intelligence. Additionally, it will offer IBM's consultancy services for designing, developing, and accessing various systems and services through this platform. The alliance will also undertake infrastructure development, establish core software, implement automated workflow systems, and institute a cybersecurity system to safeguard data. It will manage and make the platform accessible to banks and financial institutions for developing digital solutions, accelerating the pace of digital banking services in Egypt, particularly digital banks. Ibrahim Sarhan, Chairman and CEO of EFIG stated, "Our aim is to provide our clients with the best digital technologies, including cloud computing and artificial intelligence services in Egypt. As part of this initiative, at eFinance Investment Group, we are working on plans to introduce digital technologies to banks, leveraging the capabilities of the Group in sustaining national systems and its expertise in financial and banking services. Therefore, our collaboration with IBM, with its global expertise and advanced digital solutions, is crucial in designing and implementing a digital banking platform for banks, enhanced with the latest advancements in artificial intelligence. We believe that this digital banking platform will achieve the Egyptian Central Bank's strategy for financial inclusion and Egypt's vision for 2030." Marwa Abbas, General Manager and Technology Leader at IBM Egypt commented on the collaboration, stating, "We are pleased with this collaboration with eFinance as it will contribute to studying and innovating the best design for a digital banking platform heavily relying on IBM's integrated digital solutions enhanced with artificial intelligence capabilities. This contributes to presenting a shared vision and some concepts related to digital financial services that align with the directives and policies of the Egyptian Central Bank. Artificial intelligence represents a significant opportunity for governments and public sector institutions looking to leverage new technologies to meet national agendas and sustainable development goals. AI has the potential to usher in a new era of services, improving workforce efficiency, and reducing operational costs."

eFinance investment group, one of Egypt’s leading payment and digital banking technology companies, announced its strategic joint venture today at Cairo ICT 2023 with Codebase Technologies, a leading global digital banking technology provider. The two companies will launch the country’s first Banking-as-a-Service (BaaS) solutions, to accelerate the speed of digital banking transformation in the country. Ibrahim Sarhan, Chairman & CEO of EFIG commented, “In line with Egypt’s vision of transitioning into a cashless society, and its efforts to promote financial inclusion and boost the FinTech industry, we are proud to be an enabler for banks, and fintech startups through our highly advanced, secure infrastructure, digital investments, and partnerships with industry leaders to forge a seamless transition. Our collective collaboration with Codebase Technologies and Visa will offer a BaaS solution that is designed to grant banks, and fintechs a streamlined route to digital initiatives, while ensuring their capacity for sustained product and service innovation.” Banking as a Service (BaaS) is a model in which banks integrate their digital banking services directly into the products of other non-bank businesses through the use of APIs (Application Programming Interfaces). BaaS plays a transformative role in enhancing financial inclusion and bolstering entrepreneurship potential across the world by facilitating access to banking tools and resources, such as credit, savings accounts, and payment processing. BaaS platforms, such as the one being launched, will provide tailored financial products that cater to the unique needs of Egypt’s financial institutions, banks, and fintechs, fostering innovation and growth. Tamer Al Mauge, Managing Director - MENA at Codebase Technologies, stated “We are thrilled to combine eFinance's industry and market expertise with our extensive global project experience and the digital banking capabilities of Digibanc. BaaS offers both established players and emerging entrepreneurs a rapid route to market for innovation and launching new products. Together, we will introduce a service that will profoundly influence Egypt's digitization journey.” This initiative marks a significant step forward in modernizing and enhancing the region's financial services landscape. The BaaS joint venture will help financial institutions in Egypt transform by providing them with a full range of digital banking, neobanking, lending, and payment solutions. These services will be integrated into an efficient, cost-effective deployment model, enabling significant economies of scale and will reduce total cost of ownership and capital investment in launching new digital customer experience and products. Our Cloud BaaS suite offers an agile core banking system, digital onboarding, instant card issuance and processing, digital mobile wallets, digital Lending and more. “This strategic joint venture marks a significant milestone in revolutionizing the Egyptian financial landscape. Our BaaS platform offering will empower businesses and banks with unprecedented digital capabilities, fostering a more inclusive, innovative, and robust financial ecosystem that is poised to redefine the way Egypt approaches banking and finance,” added, Omar Mansur, Managing Director - Global Enterprise Projects.