CBE signs off on Vodafone upping its stake in Basata: Vodafone Egypt has receivedapproval from the Central Bank of Egypt to raise its stake in fintech platform Basata Holding for Financial Investments subsidiaries Bee and Masary — which constitute its epayment arm — to 20%, up from 10%, according to an EGX disclosure (pdf). No information was given about the value of the transaction.

Vodafone increases its presence in the local fintech scene: Basata — originally known as Ebtikar — was established as a JV between B Investments, BPE Partners, and MM Group for Industry and International Trade in 2017. Basata’s e-payment arm provides point-of-sale (POS) machines to merchants, has its own app — dubbed Basata Pay — for consumers to pay bills and make other transactions remotely.

Remember: Vodafone Egypt acquired its existing 10% stake in both of the Basata subsidiaries in April 2022, following an MoU in 2021 that established its intent to eventually acquire 20% of the subsidiaries.

The ownership breakdown: Upon completion of the transaction, Basata will own a direct andindirect 80% stake in Bee and 63.5% stake in Masary, the disclosure said.

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