As part of its efforts to support digital transformation and expand the provision of advanced digital financial services, eFinance Investment Group signed an MoU with the Agricultural Bank of Egypt, aimed at developing and activating digital financial services and expanding the base of customers benefiting from them, in line with the State’s direction toward digital transformation and the promotion of financial inclusion.

This partnership comes within the framework of both parties’ commitment to delivering innovative solutions that contribute to improving the quality of financial services and facilitating access to them, in support of economic and social development efforts.

The MoU was signed by Mr. Ibrahim Sarhan, Chairman & CEO of EFIG, and Mr. Mohamed Abu El Saoud, CEO of the Agricultural Bank of Egypt, in the presence of Mr. Sami Abdel Sadek and Ms. Ghada Mostafa, Deputy CEOs of the Agricultural Bank of Egypt; Mr. Mohamed El Soweissy, Head of the Bank’s Electronic Products and Services Group; Mr. Adel Mubarak, CEO of eAswaaq, a subsidiary of EFIG; Eng. Yasser Ezzat, PMO Senior director at eFinance; in addition to a number of senior executives from both sides.

The MoU includes several key pillars, most notably expanding access to and use of the digital platform for pensioners, and increasing the customer base by attracting new segments through enhancing the digital services provided to them, such as payments, loans, savings, and government services.
It also stipulates the activation of the Farmer Card, enabling farmers and agricultural landholders to rely on it for their daily transactions through its use at points of sale and automated teller machines, while linking it to agricultural financing services.

The two parties agreed to cooperate in launching specialized digital platforms targeting various sectors, including professional syndicates, universities, and business owners, and providing integrated solutions that include electronic payment services, digital wallets, and government services.

Under the MoU, EFIG will be responsible for developing and operating the technological infrastructure and digital solutions, as well as supporting electronic payment services, while the Agricultural Bank of Egypt will manage customer relations, issue cards, and provide banking services, ensuring integration between both parties in delivering advanced digital financial services.

Commenting on the signing, Mr. Mohamed Abu El Saoud, CEO of the Agricultural Bank of Egypt, emphasized the importance of the strategic partnership with EFIG, noting its pivotal role in supporting the digital infrastructure of the banking sector. He stated that the partnership aligns with the Bank’s strategic vision to provide innovative digital solutions that enhance the Bank’s performance and improve the quality of its banking and financing services to meet the needs of all customers, attract new segments, and move toward a cashless society, in support of financial inclusion.

Abu El Saoud added that one of the most prominent aspects of the Memorandum is the activation of the Farmer Card, enabling farmers and agricultural landholders to use it as a payment card to facilitate their daily transactions. This contributes to linking landholders to markets and enhancing their financial capabilities and the services provided to them, which represents a key pillar of agricultural sector development in Egypt. He highlighted the role of the Agricultural Bank of Egypt as the financing arm of the agricultural sector and a core supporter of the Egyptian farmer. He further noted that cooperation with EFIG will also include developing digital platforms targeting various segments of society, such as pensioners, members of professional syndicates, university communities, and business owners, to provide banking services and digital solutions including electronic payment systems, financing services, digital wallets, and access to various government services, in line with the growing demand for digital payments and alternative payment channels to enhance financial inclusion and build a competitive digital economy.

For his part, Mr. Ibrahim Sarhan, Chairman & CEO of EFIG, affirmed that the partnership represents a strategic step toward supporting digital transformation and enhancing financial inclusion. He stated that cooperation with the Agricultural Bank of Egypt will contribute to expanding the provision of advanced digital services targeting wide segments of society, particularly pensioners, by making digital platforms available that facilitate access to payment services and government services. He also emphasized support for activating the Farmer Card as a comprehensive electronic payment tool that enables farmers to conduct their daily transactions with ease and security, while linking them to financing and agricultural services. Sarhan added that EFIG will continue to develop a strong digital infrastructure that ensures the delivery of more efficient and flexible financial services, in line with the State’s direction toward building an integrated digital economy.