Cairo – June 2, 2024
Banque Misr, the acquiring market leader and EFG Hermes ONE, EFG Hermes’ state-of-the-art online trading platform, announced today a strategic partnership with PayTabs Egypt, MEASA’s award-winning payments powerhouse. This landmark collaboration is poised to revolutionize the financial technology landscape with the introduction of a new debit card top-up feature on the EFG Hermes ONE online trading platform. The partnership has received the approval of the Central Bank of Egypt (CBE) for debit card acceptance in the realm of stock trading.
The seamless integration of a debit card top-up feature on EFG Hermes ONE will empower customers to leverage their debit cards for fluid securities trading, setting the stage for a new era of accessibility and efficiency. The elimination of traditional barriers associated with funding securities trading accounts exemplifies EFG Hermes ONE’s commitment to redefining the financial landscape and underscores its dedication to fostering financial inclusivity.
Ihab Dorra, Chief Consumer Banking and Payment Officer at Banque Misr, emphasized the bank’s commitment to financial inclusion and providing innovative solutions tailored to evolving customer needs. He highlighted their dedication to digital banking to attract new client segments, aligning with the government’s financial inclusion strategy. Dorra further emphasized Banque Misr’s commitment to integrating advanced technological services across transactions, recognizing the critical role of technology in maintaining its position at the forefront of Egypt’s banking sector. Dorra commended the successful collaboration with EFG Hermes ONE and PayTabs Egypt, emphasizing its alignment with Banque Misr’s mission and Egypt’s Vision 2030.
Ahmed Waly, Global Head of Brokerage at EFG Hermes, stated: “At EFG Hermes, we’re dedicated to making securities trading easier and more accessible to everyone. This partnership with PayTabs Egypt and Banque Misr embodies that commitment. By integrating a convenient debit card top-up feature within EFG Hermes ONE for the first time in Egypt, we’re breaking down barriers and simplifying the investment process for aspiring traders across Egypt.”
Further highlighting the impact of this collaboration, Dina Anwar, Corporate Digital Factory Director at EFG Holding, adds: “This strategic partnership reinforces EFG Hermes ONE’s position as a pioneer in the digital trading landscape. By simplifying the trading journey and broadening access to financial markets, we contribute to a more inclusive financial future for Egypt. We are confident that this initiative will unlock new opportunities for individuals and fuel the growth of the local economy.”
Karim Eyada, PayTabs Egypt’s General Manager stated, “At PayTabs Egypt, we are pushing boundaries in the financial technology space continuously. This partnership reflects our commitment to providing innovative and secure payment solutions that meet and exceed our customers’ evolving needs. With introducing the debit card top-up feature, customers gain unprecedented flexibility in funding their EFG Hermes ONE accounts, thereby streamlining the securities trading process.”
Mina William, PayTabs Egypt’s Country Business Development Manager, added, “Our collaboration with Banque Misr is a testament to our unwavering commitment to shaping the future of financial services in Egypt. This partnership simplifies the stock trading experience and facilitates access to financial markets, making it more inclusive for a broader spectrum of investors. This is a pivotal step towards our goal of facilitating financial opportunities for a wider customer base in the country.”
EFG Hermes ONE has been awarded numerous times for its excellence, including most recently being named the “Best Trading Platform” at the Entrepreneur Leaders in Fintech Awards 2023 and “Trading Platform of the Year” at the Entrepreneur Middle East Tech Innovation Awards 2023, recognized as “Highly Regarded” at Euromoney Marker Leaders Awards 2023. The platform has also been awarded at the Gulf Business Awards 2022 as the “Online Trading Company of the Year.”
This partnership is the latest in a series of strategic collaborations forged by PayTabs Egypt with leading local and regional brands, such as Valu, Waffarha, Paymes, mnGm, Jaz Hotels Group, Steinberger Hotels, The Knowledge Hub, and Mazadat. PayTabs Egypt has delivered a smooth and trustworthy payment journey to merchants and customers across various platforms and channels through these collaborations. PayTabs Egypt’s impressive expansion and achievements underscore its dedication to bolstering the financial landscape in Egypt and the broader region.
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About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution that boasts a remarkable 40-year legacy of success in 9 countries spanning 3 continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (aiBANK) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.
EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a versatile financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance. Furthermore, the company delivers commercial banking solutions through aiBANK, a leading provider of integrated retail, corporate, and Islamic banking products in Egyp
