• E-Finance allocates USD 60M over three years, doubling previous investment, focusing on AI and cloud computing services.
• The company’s revenue and net profit grew 50% in nine months, driven by fintech infrastructure, AI, cybersecurity, and skilled human resources.
• E-Finance prepares for regional expansion, including Saudi Arabia, and readies digital banking services pending Central Bank regulations.
  

E-Finance

Egypt’s investment group, E-Finance, allocated up to USD 60 million for investment over the next three years. This will be with a focus on cloud computing supported by artificial intelligence (AI). Furthermore, this doubles its investment volume in comparison to the previous three years.

In an interview with Asharq, Chairman and CEO Ibrahim Sarhan, disclosed that cloud computing and AI technologies have contributed to a 60% increase in the company’s service offerings. Thus, this trajectory inspires further investment in these areas and will help add services and attract new platforms.

In the first nine months of the year, the company’s  revenue rose by 50% to EGP 5 billion. It attributes this rise to the development of technological infrastructure and the expansion of financial applications in Egypt. Meanwhile, its net profits increased by 50% to EGP 1.8 billion. Moreover, the CEO attributes this growth to E-Finance’s investment in human resources to boost fintech competencies, alongside investments in cybersecurity and AI.

Expansion

Recently, according to Sarhan, the company has accumulated experience through its work in Egypt with both government and financial institutions. Thus, this experience is preparing it for international expansion. The CEO also points out that the company’s presence in Saudi Arabia over the past two years has allowed it to identify investment opportunities for the next year.

Additionally, in regard to digital banks, the CEO clarifies that the company’s role is limited to providing infrastructure and services for these banks. It has already obtained a digital banking license and is waiting for the Central Bank of Egypt to finalize the regulatory framework before it can start offering its services.