The world has been going through major changes, especially since the pandemic started to spread. Ever since then the world is becoming more digitalized; people watch everything online, shop online, and pay their bills online.
Using online payment methods has been saving people time and money; especially during this current tough time; in fact, many people prefer to pay money online instead of physically doing it. Due to this preference, over the years we have been witnessing the emergence of companies and services that support and provide the mass with online payment methods.
This leads us to our major news of the day, which is Orascom Financial Holding partners with EXCEL.
OFH Partners With EXCEL
Orascom Financial Holding (OFH) has announced a new partnership with EXCEL to launch a new fintech company.
This company will mainly focus on digital payments, which will make it easier for people when it comes to payment methods. This is considered to be an important step towards the implementation of the company’s strategy, also, it will achieve a digital transformation in the financial sector in Egypt.
It’s worth mentioning that Egypt is aiming to digitalize all financial processes by the year 2030, and launching this company is the first step in the digitalizing process.
Reaching Over 1 Million Customer in The Medium Term
Orascom Financial Holding plans for a bright future for the new company.
It was stated that Orascom Financial Holding will own a 97.9 stake in the new company. The paid-in capital of the new fintech company is 100 million EGP and according to the company’s plan, it is expected that those 100 million EGP will be 500 million Egyptian pounds.
The company is also planning that in the medium term, it would reach over one million customers. Reaching this number of customers is in fact possible due to the number of people who already use online payment.
In the long term, it is expected that more people will be using online payment methods since it’s easier and they won’t have to be carrying cash all the time.
OFH’s Dream Team Is The Best When IT Comes To Management and Development
Onsi Sawiras who is the Chairman of OFH and Co-founder and managing partner at a New York-based VC Fund (HOF Capital) praises OFH’s team.
Sawiras has actually stated that OFH’s team has a proven track record in managing and developing startups and turning them into successful and well-established companies in various global markets. The company’s team as board members of Riverbank played an important role in developing and implementing the bank’s strategy in the way they offered financing solutions to SMEs in countries like Germany, the Netherlands, and France.
Nils Bachter, the CEO of OFH said, “We are confident that the new partnership will achieve great successes with the addition of a strong founding team that possesses exceptional expertise and experience in the field.”
Also, the Chairman and CEO of EXCEL said the following “This partnership aims to form a leading entity in the fintech field, to which EXCEL will avail its broad expertise in technological solutions to ensure it can offer the best services and customer experience.”
As for the CEO of the new company Mohamed Aboulnaga, he said, “With this strong partnership and ambitious vision of OFH, the new venture will introduce to the market cutting edge technology with a creative bundle of products and solutions that will facilitate cashless transactions for all payments and financial needs.”
The competition Is On!
There are many companies that support digital payments, so the competition between those companies and the new one will be vicious.
Each company provides its customers with many services to cover their needs. So, with the new company being launched we expect that new services will be launched to attract more customers. This makes us wonder what services the new company will be providing to attract customers.
Finally, we can’t help but wonder, what other services will be digitalized in the future.