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eFinance Partners with Software Group to Promote Financial Inclusion in Egypt

eFinance Software Group

 e-finance Investment Group has signed a Memorandum of Understanding (MOU) with Software Group to encourage the adoption of digital financial technologies, agent banking, along with cloud computing services and artificial intelligence.

The MOU, which was signed during the 27th edition of CairoICT 2023 Middle East and Africa Exhibition and Conference, is part of e-finance’s plan to empower banks and financial institutions in Egypt by providing a wealth of solutions and services including agency banking services widening the access of financial services to mass market, while focusing on rapid time to market.

This Partnership is capitalizing on the capabilities of Software Group’s Agency Banking technology aiming to contribute to the Central Bank of Egypt’s strategy for financial inclusion and national economic development under the 2030 Vision.

Furthermore, the partnership augments e-finance’s vision to be an enabler, not only for Digital Banks, but also for Banks and NBFIs who wish to become more digital. The aim is to provide 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, allowing e-finance to provide a wealth 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 will capitalize on its technology and expertise necessary to build technological solutions for the financial sector. The company’s 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 underserved customers in remote locations.

While commenting on the partnership, e-finance Investment Group Chairman and CEO, Ibrahim Sarhan, said, the Egyptian market is evolving and we are working on empowering financial and non-financial institutions to respond innovatively to this rapid change by providing a full spectrum of digital financial service activities, supported by huge.  investments and a giant infrastructure established by eFinance group aiming to accelerate the digitization of economy. He further added 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,” stated Ibrahim.

Also commenting on the partnership, Software Group CEO, Kalin Radеv expressed his pride in partnering 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.

About author

Editor at TechArena. I cover all things technology and review new gadgets as I get them. You can reach me on email: kaluka@techarena.co.ke
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