• Wed. Feb 28th, 2024

e-Finance partners with Software Group in Egypt

Egypt-based developer of digital payments infrastructures, e-Finance, has partnered with Software Group to promote financial inclusion in Egypt through Digital and Agency Banking Solutions.

The partnership between e-Finance and Software Group, a global technology company specialised in digital banking solutions and financial inclusion, intends to encourage the adoption of digital financial technologies, agent banking, along with cloud computing services and artificial intelligence. This alliance was signed in the form of a Memorandum of Understanding (MOU) during the 27th edition of the Cairo ICT 2023 Middle East and Africa Exhibition and Conference.

According to the press release, the MOU is part of e-Finance’s plan to help banks and financial institutions in Egypt by providing a wide array of solutions and services, including agency banking services. This will help to broaden the reach of financial services to the masses while focusing on quick time-to-market.
e-Finance, has partnered with Software Group to promote financial inclusion in Egypt through Digital and Agency Banking Solutions

 

About the Financial Services platform

This collaboration makes use of the capabilities of e-Finance’s industry and market expertise, along with Software Group’s Agency Banking technology global experience and proven digital banking solutions. In addition, it aims contributing to the Central Bank of Egypt’s strategy for financial inclusion and national economic development under the 2030 Vision. Furthermore, the partnership amplifies e-Finance’s vision, enabling banks and non-banking financial institutions (NBFIs) to enhance their digital presence.

Following this announcement, both e-Finance and Software Group are developing a commercial model to support the development and management of all digital banking and financial components. To support that, Software Group will bring forward the technology and expertise to build technological solutions for the financial sector. The company’s DigiWave Digital Banking Platform will serve as the foundational system, complemented by its digital channel solutions, including agency banking, mobile and Internet banking, loan origination with credit scoring, mobile card applications and digital wallets, and more. 

Therefore, the Financial Services platform is fully compliant with the banking regulatory instructions issued by the Central Bank of Egypt and the Financial Regulatory Authority. Moreover, it allows e-Finance to offer a range of components in a Banking-as-a-Service (BaaS) model on its Sovereign Public Cloud and to prove its ability to provide national-scale end-to-end mission-critical solutions, making it one of the key values that the payment developer delivers to its customers. The goal is to offer pre-built building blocks and make them accessible to help customers achieve faster time-to-market and high value.

Further, the two companies will cooperate with banks and financial institutions across Egypt and abroad to enhance financial inclusion and reduce the costs encountered by banks in leveraging new technologies, opening new branches, and reaching underserved customers in remote locations.

Commenting on the partnership, e-Finance stated the Egyptian market is evolving. To accelerate the digitisation of the economy, the company is working on assisting FIs and non-FIs to respond innovatively to the rapid changes by providing digital financial services, supported by its investments and infrastructure.

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