The Ministry of Planning and Economic Development assigns the management and operation of “Khadamat Misr” to eFinance
Events & Exhibitions
Partnerships & Agreements
eFinance a subsidiary of EFIG was assigned by the Ministry of Planning to manage and operate “Khadamat Misr” within the framework of the state's strategy towards developing all government services and Egypt's Vision 2030.
“Khadamat Misr” is established to provide governmental services to Egyptians under the leadership of the Ministry of Planning and the UAE to achieve economic and social development, accelerate the advancement of the government sector, and ensure financial inclusion through electronic payment methods.
eFinance’s long experience in project management, especially national projects and managing the financial network of the Egyptian government makes it more than capable to manage all projects and ensure their sustainability and development through a base of high-level cadres to implement citizen-based projects, relying on a high-tech infrastructure and a secure and encrypted electronic network.
The cooperation on “Khadamat Misr” focuses on the importance of promoting the services provided to citizens across the governorates and seeks to achieve social justice and economic growth in line with the state's efforts towards accelerating the transformation of the economy into an entity based on science, knowledge and technology.
EFIG Announces its financial and operational results for the first quarter of 2023
EFIG Announced today its standalone and consolidated results for the quarter ended 31 March 2023. EFIG's consolidated revenues grew 37.3% y-o-y to EGP 768.0 million on the back of strong results delivered by e-finance Digital Operations, eAswaaq, and eKhales, in 1Q2023. The Group’s profitability also improved during the period, booking an EBITDA increase of 51.7% y-o-y to EGP 331.9 million and a margin expansion of 4.1 percentage points to 43.2% in 1Q2023. Parallel to this, net profit after non-controlling interests (NCI) increased by 40.7% y-o-y to EGP 281.9 million, yielding a year-on-year net profit margin expansion of 91 basis points to 36.7% in 1Q2023.
e-finance Digital Operations continued to benefit from the growing value generated from its cloud hosting services coupled with a significant increase in revenue generated from variable-fee transactions during the period. The Group’s positive performance amidst challenging market conditions was further supported by stellar triple digit revenue growth at eAswaaq and double-digit revenue growth at eKhales during the period. The Group’s flagship subsidiary, e-finance for Digital Operations contributed the majority of the Group’s revenue in 1Q2023, which stood at a contribution of 93% at the end of the quarter.
The subsidiary recorded a top-line increase of 42.4% y-o-y to EGP 714.6 million after inter-company eliminations in 1Q2023 as it continued to reap the rewards of its growing cloud hosting services. Cloud revenues grew by a stellar 151.3% y-o-y to EGP 207.6 million during the period. Parallel to this, the subsidiary’s solid performance was further supported by a 53.4% y-o-y increase in transaction-based revenue, which came on the back of a 27.1% y-o-y increase in fixed-fee revenue and a 78.2% y-o-y increase in variable-fee revenue in 1Q2023. Solid results from the subsidiary’s transaction-based and cloud hosting revenue streams offset the 11.3% y-o-y decline in build & operate revenue in 1Q2023. Revenue at eCards declined by 28.8% y-o-y to EGP 24.7 million after inter-company eliminations in 1Q2023 due to a 24.0% y-o-y fall in card production revenue.
This reflects management’s decision to lower card production revenues due to an unfavorable FX environment and the impact of global supply chain constraints on chip availability. It is worthy to note that the subsidiary’s card management services booked strong revenue growth and eCards’ management anticipates increased value generation from this revenue stream going forward. eKhales booked a 21.7% y-o-y increase in post-elimination revenue to EGP 10.9 million in 1Q2023.
EFIG wins the Large Cap IR Award for 2022
EFIG won the Large Cap IR Award for 2022 during the EGX Awards Ceremony 2023, which was held at the National Museum of Egyptian Civilization.This award is the result of the Group's strategy and commitment toward our investors & continuation of our strong launch as the largest offering in the history of the Egyptian Stock exchange.
eKhales to provide its digital payment solutions at “Contact” branches
eKhales, a subsidiary of EFIG, signed a strategic partnership with Contact, a subsidiary of Contact Financial Holding. The partnership will see eKhales provide digital payment solutions and services at Contact branches and mobile application, which was launched in January 2023, across multiple areas, including school and university fees, landline bills and mobile bills, internet subscriptions, transportation tickets, TV channel subscriptions, installments for insurance premiums, charitable donations, and club subscriptions.
eKhales boasts a comprehensive technological infrastructure, including a nationwide electronic network that is aligned with international best practice regarding safety and security and specializes in launching and operating a wide range of public services.
The company possesses a unique ability to maintain the safety of valuable data and ensures transparency throughout the collection process. eKhales also accepts local and international payment transactions through various electronic payment networks, including Visa, Mastercard, as well as the local network, Meeza.
Ibrahim Sarhan, Chairman of EFIG: “I am proud of the Group’s leading position in the Egyptian digital payments field, leveraging its comprehensive nationwide digital payments network that serves all market industries, banked and unbanked customers, through its strategic partnership with the government, the central bank of Egypt and the banking sector as a whole.
Ahmed El Tantawy, acting managing director of eKhales: “This mutually beneficial partnership will provide Contact’s customers with a comprehensive set of services that offer the benefits that come with utilizing digital payments, including conducting transactions from any place and at any time. As the first provider of electronic payments in Egypt, eKhales is able to provide best-in-class services that have gained the confidence and trust of its customers.
Further commenting on the partnership is Ahmed Abdel Hakim, CEO of Contact, “The company is committed to providing its customers with new and innovative solutions that enhance our customers’ ability to pay their monthly bills through Contact’s payment network. This strategic partnership with eKhales, a leading player in the financial services and governments payments space, stands testament to eKhales’ and Contact’s commitment to providing a superior service offering to their customers.”
Saeed Zaatar, CEO of Contact Financial Holding, also provided commentary, “This partnership marks an additional step in Contact’s digital transformation strategy, which began in 2020. The company aims to digitize all financial transactions, e-finance, improve its overarching digital service offering and align with global trends in the financial technology space. Contact will continue to leverage its exceptional team of professionals to adopt and implement innovative solutions that best serve our wide customer base.”