Five of Egypt’s biggest FinTech players were ranked among top regional companies in this years’ top 25 FinTech companies 2022 by Forbes Middle East
Five of Egypt’s biggest FinTech players were ranked among top regional companies in this years’ top 25 FinTech companies 2022 by Forbes Middle East. The list was presented alphabetically and not in order.
“According to a report by KPMG, investment in FinTech companies in Europe, the Middle East, and Africa (EMEA) hit $77.4 billion in 2021, across 1,859 deals, compared to $26.7 billion in 2020. VC investment in FinTech skyrocketed in the EMEA region during the last year to hit $30 billion — more than tripling from its previous high of $9.9 billion in 2020,” wrote Forbes.
Dominating the list were payment companies, with growing interest in regional Buy-now-pay-later (BNPL) platforms, it explained.
Egyptian Epayment and financial services provider AMAN Holding, a Raya Holding subsidiary, was one of the listed local FinTechs. According to Forbes, the company provides services to over two million consumers daily through 170,000 POS machines.
Fawry for Banking and Payment Technology Services made it on the list with its network of 36 member banks and nearly 270,000 agents, processing transactions worth $8.3 billion in 2021, a 61.5% increase compared to 2020.
Another local is MNT-Halan, originally a ride-hailing and deliver, which offers digital banking services to unbanked customers, including small and micro-business lending, payments, consumer finance, bill payments, ecommerce, BNPL, and delivery services.
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Down the list is digital payments platform Paymob. The FinTech allows merchants to accept and disburse payments through 28 different methods, and boasts 100,000 active users as of 2021.
Egypt’s BNPL app valU, a subsidiary of EFG Hermes Holding, is the last Egyptian FinTech on the list with more than 5,000 POS terminals and 330 websites in Egypt. The company saw a 140% growth in transactions in 2021. Walid Hassouna recently moved from his EFG Hermes’ NBFI CEO position to valU as its fully-dedicated CEO.
