{"id":565269,"date":"2021-03-30T14:03:45","date_gmt":"2021-03-30T14:03:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/orascom-financial-pushes-into-fintech\/"},"modified":"2021-03-30T14:03:45","modified_gmt":"2021-03-30T14:03:45","slug":"orascom-financial-pushes-into-fintech","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/orascom-financial-pushes-into-fintech\/","title":{"rendered":"Orascom Financial pushes into fintech"},"content":{"rendered":"

<\/a> Orascom Financial Holding (OFH) is making its entry into the fintech space<\/strong>, announcing today in an EGX statement (<\/a>pdf<\/a>)<\/a> that it will partner with Egyptian software provider Excel<\/a> to launch a new e-payments company. The statement did not specify which end of the sector the company will target. OFH will hold a 79.9% stake in the as-yet unnamed company, the statement said, while Excel will hold the remaining 20.1%, a source familiar with the matter told us. The firm will launch with EGP 100 mn in paid-in capital, which OFH and Excel expect to increase to EGP 500 mn in the future.<\/p>\n

The company has ambitious targets<\/strong>, setting itself the goal of reaching 1 mn customers in the medium-term, the statement said without elaborating. The venture will introduce a new technology with a group of products and solutions \u201cthat will facilitate cashless transactions for all payments and financial needs,\u201d the new company\u2019s CEO, Mohamed Aboul Naga, said.<\/p>\n

SOUND SMART- Aboul Naga (<\/strong>LinkedIn<\/a><\/strong>) is the co-founder and former COO of Halan<\/strong>, the transport play that aims to become Egypt\u2019s first \u201csuper app.\u201d We last spoke with him in April 2020, when he was our Work From Home Routine.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Orascom Financial Holding (OFH) is making its entry into the fintech space, announcing today in an EGX statement (pdf) that it will partner with Egyptian software provider Excel to launch a new e-payments company. The statement did not specify which end of the sector the company will target. OFH will hold a 79.9% stake in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9925],"tags":[633,183,363,553],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565269","post","type-post","status-publish","format-standard","hentry","category-speed-round-fintech","tag-enterprisepm","tag-fintech","tag-orascom-construction","tag-orascom-financial-holding","wpautop","entry"],"acf":{"mongo_id":"364bfe75-57e3-4937-b7bb-8b2326205e78","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565263],"teaser":"","voice_url":""},"yoast_head":"\nOrascom Financial pushes into fintech - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/orascom-financial-pushes-into-fintech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orascom Financial pushes into fintech\" \/>\n<meta property=\"og:description\" content=\"Orascom Financial Holding (OFH) is making its entry into the fintech space, announcing today in an EGX statement (pdf) that it will partner with Egyptian software provider Excel to launch a new e-payments company. 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