EFIG plans to invest over EGP 2BN in next two years
Ibrahim Sarhan, the Chairperson of EFIG, revealed that the company plans to invest EGP 2bn over the next two years, pointing out that these investments are the outcome of the company’s capital increase. part of those investments will be allocated to expanding non-banking financial activities through eKhales Digital Payments, and another part will be directed to developing the group’s technological infrastructure. He pointed out that eKhales has submitted a request to the Financial Regulatory Authority (FRA) to obtain a license to practice microfinance and consumer finance. Sarhan also revealed that his company achieved a growth rate of more than 40% last year, pointing out that the company invested about EGP 250m in the digitization of the transportation sector through its subsidiary eCards.
The company is expected to inject the same rate of investments this year and penetrate the tourism sector through the company eAswaaq and invest in new digital solutions for the Ministry of Tourism and Antiquities. In a related context, he explained that the agreement signed to digitize medical services in Zimbabwe with TGI is the first step toward operating in African countries. He pointed out that the company also sees promising opportunities in Libya and Iraq during the coming period.
Sarhan pointed out that penetrating the African market came after a study that emphasized the importance of having a partner in those countries, which is the appropriate business model. Additionally, the partnership will provide services in six other countries besides Zimbabwe. He revealed that the product provided is not limited to launching cards, but also includes integrated digital solutions specialized in healthcare. He noted that these services are similar to the digital solutions provided to the eHealth platform of eFinance Holding. The company will manage these cards through the technological infrastructure of eCards, which represents one of the company’s strategic goals in its expansion policy in Africa.