Egypt’s developer of digital payment infrastructures e-finance Investment Group, has signed an agreement with global digital banking solutions and financial inclusion firm Software Group, to promote adoption of digital financial technologies, agent banking, along with cloud computing services and artificial intelligence.
The agreement signed during the 27th edition of CairoICT 2023 Middle East and Africa Exhibition and Conference will enable e-finance’s to help banks and financial institutions in Egypt to roll out agency banking services that will expand access of financial services to mass market.
This Partnership is capitalizing on the capabilities of Software Group’s Agency Banking technology to contribute to the Central Bank of Egypt’s strategy for financial inclusion and national economic development under the 2030 Vision.
It will also augments e-finance’s vision to be an enabler, not only for Digital Banks, but also for Banks and Non-Banking Financial Institutions (NBFIs) who wish to become more digital. The partnership envisages provision of 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.
It will allow e-finance to provide a variety of components in Banking-as-a-Service (BaaS) model on its Sovereign Public Cloud. e-finance 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 e-finance provides for its customers.
Software Group 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.
e-finance 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 under-served customers in remote locations.
Commenting on the partnership, e-finance Investment Group Chairman and CEO, Ibrahim Sarhan, said, the Egyptian market is evolving and his firm is working on empowering financial and non-financial institutions to respond innovatively to this rapid change.
He said 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,” said Ibrahim.
On his part, Software Group CEO, Kalin Radеv his firm was proud of the partnership with with e-finance due to its great experience in digital transformation and financial inclusion within Egypt.
“We are thrilled to collaborate with e-finance 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 e-finance’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.
