After acquiring a 75% stake in e-payment company Momken, the National Bank of Egypt announced their plans to launch a fintech platform integrating up-and-coming companies over the next three years.
The National Bank of Egypt is venturing into non-banking financial services (NBFS) with plans to launch a new fintech platform. The announcement was made shortly after Tamkeen, the bank's microfinance and electronic payment arm, acquired a 75% stake in Momken, an e-payment company.
The National Bank of Egypt plans to acquire even more fintech companies and platforms over the next three years, alongside expansions into greenfield investments and the creation of their own companies.
The platform reflects Egypt's agenda to support digitization and financial inclusion through the state-owned bank. To this end, the National Bank of Egypt are creating over 150 branches for micro financing, starting with 50 branches in Upper Egyptian cities like Aswan, Beni Suef and Luxor. These branches will rely on electronic services, and will take three years to set up across the rest of the nation.