Aman takes one step closer to realizing Saudi expansion plans

Aman Holding secured preliminary approval from the Saudi Central Bank to establish a consumer finance company in the Kingdom, parent company Raya Holding said in an EGX disclosure (pdf). The planned company will be set up as a JV under an MoU with Saudi retail and wholesale giant Jarir, which will hold a 49% stake. Aman will control 40%, with the remaining interest held by Hamad Bin Abdullah Bin Sulaiman Al Manea & Partners Trading Company, a Saudi closed joint stock firm.

Why it matters: The move — which builds on plans that came to light in April — is a strategic play to export Egyptian fintech expertise to the GCC. By partnering with Jarir, Aman will get its hands on a sizable consumer base without the cost and time needed to independently acquire customers.

What’s next? Don’t expect Raya’s newest venture into the Kingdom to open its doors tomorrow, as the company was careful to note that the central bank’s preliminary approval “does not constitute a license or authorization to commence financing activities.”

Masria Digital Payments rebrands as Modupay

MDP is now Modupay: Payment cards manufacturer Masria Digital Payments (MDP) has rebranded to Modupay, positioning itself as an integrated platform serving banks and fintech players across the Middle East and Africa, Co-Founder and CEO Ahmed Nafie said during a presser attended by EnterpriseAM yesterday. The new corporate identity comes in line with the company’s plan to expand within and beyond the Egyptian market.

Looking ahead: Modupay plans to set up a USD 10 mn payment card production facility in 10th of Ramadan before the end of 2026 in a bid to double annual production to 60-70 mn cards, Nafie said. Modupay is targeting the East African market with plans for a new plant to serve Kenya and Tanzania. The move will complement the firm’s existing facility in Ghana, which currently services the West African market.

The company wants to step into Eastern Europe and Latin America within two years, Nafie told EnterpriseAM, adding that at the moment the main focus is on expanding across Africa.

FRA extends deadline for ins. brokers to raise their minimum capital by six months

Ins. and reins. brokerage firms must now raise their capital to atleast EGP 5 mn by June 2026, according to a statement from the Financial Regulatory Authority (FRA). Risk assessment firms, loss adjustment and surveying firms, ins. consultancy firms, and actuarial firms are required to increase their minimum capital to EGP 3 mn by the same date. The affected firms are obligated to submit timetables outlining the stages of their capital increase within one month.

ALSO- The FRA raised the maximum financing limit for microenterprises to EGP 292k, up 8.9% from EGP 266k, according to a separate statement from the authority. In addition, the authority increased the maximum ins. coverage for micro ins. companies to EGP 390k, up from a previous EGP 312.5k, marking a 24.8% increase.

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