MEDAF plans to acquire 50% of E-payment market, penetrate African markets

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Yasser Agiba, member of the board of directors of MEDAF Investments Holding, said that his company aims to gain a market share ranging between 30 to 50% of the electronic payment (e-payment) sector in the Egyptian market. This is in addition to penetrating African markets, and searching for new partnerships and investment opportunities in Europe, he stated, stressing that the company plans to inject investments in a number of sectors in the next three years.

Head of the Corporate Affairs Division at MEDAF Investments Holding, Hany Abou-El-Fotouh, was quoted as saying, “MEDAF has recently launched its electronic payment company, which makes use of advanced financial technology,” he added, “We believe that this new business line is harmonious with the country’s directions to move progressively towards digital transformation and financial inclusion.”

Abou-El-Fotouh confirmed that MEDAF Investments has ambitious plans and aims to expand inside and outside Egyptian markets. He said, “The company is currently evaluating several investment opportunities, the details of which will be announced in due course.”

Agiba added “MEDAF is engaged in several vital business sectors in line with the company’s strategic expansion plan. The company recently bought a major share, at 26%, of Al-Thoraya Oil Refining Company.”

MEDAF Investments is an Egyptian holding investment group whose main shareholder is Al-Raya Al-Mutamayza Holding Company. MEDAF is seeking to expand its business in the Egyptian market and African countries. Source: Daily News Egypt

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