The National Bank of Egypt (NBE) signed two share purchase contracts and a shareholders’ agreement regarding the acquisition of 20% of the shares of Easy Cash electronic payment company’s capital, with a total value of up to EGP150 million , with the aim of providing non-banking financial services to the largest number of customers.
The signing was attended by Chairman of the Board of Directors of the National Bank of Egypt Hisham Okasha, Chairman of the Board of Directors of Easy Cash Electronic Payment Company and Abdeen Arida, and prominent businessman Mohamed Abou El-Enein, the Chairman of Ceramica Cleopatra Group, and one of the main shareholders in Easy Cash Company.
Hisham Okasha said that the National Bank of Egypt aims to invest in Easy Cash Company, adding that this step supports the bank’s role in the field of electronic payment and financial services and then provides non-banking financial services to the largest number of customers, in addition to attracting larger segments of people who do not deal with the banking system.
He stressed that this signing is one of the important steps adopted by the bank towards spreading the culture of electronic payment and reducing cash transactions through contributing in promising companies such as Easy Cash Company for electronic payment.
Abdeen Arida also explained that the partnership with a major and long-established institution such as the National Bank of Egypt represents a distinctive addition to the company and comes in line with the plans and strategies of Easy Cash Company to establish a distinguished partnership based on the expertise and achievements that the National Bank of Egypt enjoys.
For his part, Abou El-Enein, one of the main shareholders in Easy Cash Company, expressed his happiness in partnering with National Bank of Egypt (NBE), as a national financial institution, adding that it is the largest bank operating in the Middle East.
He also stressed that NBE's visions aim at achieving financial inclusion throughout the Republic, via working on providing financial technology services that keep pace with global development to serve many categories of merchants, service providers, and companies.