Cairo 20 December 2023:
In line with its strategy to promote financial inclusion, Basata Holding, the leading e-payment services company in Egypt, has announced its plans to launch a range of new services in the upcoming year. The new launches align with Egypt’s vision geared towards digital transformation. In 2023, Basata achieved remarkable results by expanding its scope of services offered to customers and merchants to more than 3,200 services, including utility bill payments, government financial services, education, telecommunications, and insurance payments, among others. This expansion covers a network that spans all Egyptian governorates comprising over 160,000 points of sale (POS), and transactions worth EGP 75 billion.
In 2024, Basata aims to introduce several services that are set to revolutionize the financial payments sector and enhance its strategic plan to expand its customer base and achieve financial inclusion. These services will encompass the latest payment methods, including self-service e-payment machines in public places, enabling seamless and secure cash deposits and withdrawals from e-wallets, bill payments, money transfers, as well as diverse payment options, accommodating customers using credit and debit cards. The suite of services will extend soon to include BNPL services for Basata’s POS to introduce various payment options for customers as well as providing prepaid cards, payroll services for employees across various companies and entities, as well as the purchase of railway tickets.
Karim Shehata, CEO of Basata Holding, said: “We are witnessing significant growth in Egypt, which marks it as a promising market for the fintech industry. This is evident in the efforts of the Egyptian Central Bank to facilitate the transition to the digital economy, adopt a policy toward a less-cash society, and achieve financial inclusion. This enabled us at Basata to grow our customer base to more than 40 million users and activated e-wallets within a short span of time. They can now access more than 3,200 diverse services as we aim to make financial transactions fast, easy and secure to meet our customers’ demands.” Shehata reiterated the company’s commitment to prioritizing the security of customer accounts and deploying the latest advanced technologies to safeguard customer funds and data, emphasizing that this dedication instills confidence in the company and its services among its clientele.
Osman Badran, Marketing Director at Basata Holding, remarked, “At Basata, we strive to deliver a seamless, secure, and convenient financial experience. We foster the relationship between service providers, merchants, and customers through an extensive and secure network, spanning over 160,000 points of sale that accept all credit cards and facilitate all cash transactions.” Badran also underscored the company’s ongoing commitment to incorporating innovative advancements to keep pace with the revolution the e-payment market is witnessing.
According to reports from the Central Bank of Egypt (CBE) in January 2023, the number of Egyptian citizens (16 years and older) who can access and use financial services as part of financial inclusion efforts has reached 42.3 million out of 65.4 million citizens, which marks a cumulative increase of 147% from 2016 to 2022. The CBE has attributed this surge to the growing portfolio of e-wallets and pre-paid cards. Furthermore, studies have suggested that the volume of digital payments in Egypt is anticipated to reach 14.3%, totaling $21.7 billion by 2027. This projection reflects a rising trend of consumers embracing cashless transactions.
It is worth noting that Basata’s workforce exceeds 1,500 employees, the majority of whom hold substantial expertise in the sector. The company expanded its vast network with the inauguration of 20 new branches growing the total number of branches and POS to 160,000 across Egypt in 27 governorates.
Basata offers a wide and comprehensive range of financial services, with government payments at the forefront, through diverse partnerships with various entities such as electricity, gas, and water companies, public universities, and the Ministry of Education. Additionally, it collaborates with insurance companies and service providers in addition to the Buy Now Pay Later (BNPL) installment payments service, aiming to provide all the unified electronic payment services needed for the daily transactions of Egyptian citizens.
The company is keen to forge partnerships with reputable entities, capitalizing on their credibility and popularity. Therefore, Basata takes pride in Vodafone Egypt being a key partner in the company. This collaboration aims to provide added value to the e-payments sector by expanding the reach of the company’s new brand and capitalizing on Vodafone’s widespread outlets and its massive capabilities. This strategic partnership positions Basata as a solid force in the market, contributing to raising user awareness about e-payment methods, enhancing electronic payment systems to integrate a larger number of Egyptian citizens into the financial system, and supporting the country’s efforts towards digital transformation.
