The collaboration aligns with Egypt’s Vision 2030 to create an integrated and sustainable digital economy, reflecting Fawry’s strategy to boost digital transformation and promote financial inclusion in the fintech sector.

Meanwhile, the partnership aims to offer seamless, secure, and more convenient services that meet the evolving needs of customers across different segments.

The two companies will join forces to enable merchants to leverage FORSA’s services, streamlining their daily operations and expanding their customer base through Fawry’s extensive network.

Bassem Lotfy, Head of Business Development at Fawry, said: “At Fawry, we are keen to expand our operations by collaborating with many flexible financial entities like FORSA, which reflects our commitment to providing diverse and secure digital solutions that support both merchants and customers.”

“These partnerships create added value for Fawry network and contribute to our main goal of enhancing the end-user experience,” Lotfy added.

For his part, Gasser Darwish, Chief Commercial Officer at FORSA, commented: “Our partnership with Fawry will play a pivotal role in reaching a larger segment of merchants and customers. We recognize the necessity and importance of integrating financing services at the POS, and we are committed to continuing these efforts in the coming period to simplify the purchase experience for customers.”

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The transaction was funded by EGP 335.322 million from EFG Holding’s distributable retained earnings. Shareholders received one valU share for every 3.3273 EFG Holding shares held, with fractional ownership being rounded in favor of minorities. Following its debut, Amazon acquired a 3.95% direct shareholding in valU for a price per share of EGP 6.041. Meanwhile, EFG Finance Holding, a unit of EFG Holding, will hold a 67% shareholding of valU post trading and sale of shares to Amazon.

Mohamed Farid, Executive Chairman of the Financial Regulatory Authority (FRA), stated: “The procedures followed for registering and trading the shares of Valu represent a modern and innovative legal means to benefit from the distribution of dividends of listed companies and their affiliated activities.” “Valu is the first consumer finance company listed and traded on the Egyptian Exchange. This step enhances the integration of non-banking financial activities under the authority’s supervision,” Farid added. He noted: “It opens the door to expanding the base of listed companies in this promising sector through stock exchanges. This, in turn, contributes to attracting new investors and adding new securities, thereby enhancing liquidity and trading levels.”

For his part, Karim Awad, Group CEO of EFG Holding, remarked, “Valu has built a loyal customer base and a resilient, scalable platform for sustainable growth. Its success is a testament to the strength of our ecosystem and our ability to incubate and scale market-leading businesses.”

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Visa has announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In this role, Muhmood will oversee operations across more than 86 markets in the region, where Visa serves over 1,800 clients through 23 local offices.

Muhmood brings over three decades of experience in banking and payments. He most recently led Value-Added Services for Visa’s Europe region from London and joined the company in 2019 as Group Country Manager for Southeast Asia, based in Singapore. His previous roles include senior leadership positions at Ahli United Bank, ANZ, and HSBC.

Muhmood will be based in Dubai and reports to Oliver Jenkyn, Group President, Global Markets at Visa. He takes over from Andrew Torre, who has been appointed President of Visa’s Value-Added Services division. That unit has grown into a US$9 billion global business, with an annualized revenue growth rate of 20% since 2021. Commenting on his appointment, Muhmood said: “It is a great honor to lead the CEMEA region, and to continue the progress made in transforming the future of payments, commerce, and money movement across such dynamic markets. Having spent over a third of my career in the region, I am excited by the opportunity to further expand digital payments to more consumers, merchants, and economies. I look forward to working with our team to support growth with clients and partners throughout the region.”

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During the event, the company’s CEO addressed the ambitious strategic plan that GS Group is working on to establish its position as global leader in innovation technology and to continue to drive digital transformation. With a plan to expand its geographical footprint, Giza Systems announced the launch of its global service delivery center to cater to its clients from the different industries in various countries around the world. Through global delivery infrastructure and innovation, Giza Systems global service delivery center is designed to deliver faster, better, and more cost-effective services to boost operational efficiency, expand service capacity, and enable scalability and global resource management.

In addition, the company plans to focus on high-growth sectors such as FinTech, smart sports, smart cities, AI-powered video analytics, cloud services, cybersecurity, and Oracle solutions. The new strategy reflects GS Group’s evolving role as a global solutions architect: offering industry-leading innovation, rapid solution development, and seamless integration across OT and IT domains to cover the full end-to-end spectrum. With continued strongholds in Egypt, KSA, GCC, and East Africa, the company also plans to expand its footprint globally by 2027.

Elharany confirmed that Giza Systems Group achieved significant milestones throughout the last two years, backed by solutions by stc, which holds an 88.19% stake in the group.

Now with the newly announced Group’s vision and ambitious targets, GS Group reaffirms its commitment to customer-centricity, operational excellence, and employee experience.

“We are aligning our brand with our strategy to stand for purpose-built innovation, delivery at scale, and a culture that embraces continuous change,” said Elharany during the media roundtable.

He added, “We’re not just delivering technology, we are designing smarter, scalable, and more agile digital ecosystems. Our new strategy focuses on innovation, scale, and human-centric growth – all while staying true to our purpose. GS Group is evolving to meet the complex, rapidly shifting needs of our global customers by integrating deeper innovation, advanced delivery capabilities, and a future-focused mindset.”

GS Group has strategically invested over the past three years in key areas, including the acquisition of LABS, a prominent SAP partner in the region, marking its entry into the ERP sector, and establishing an internal Oracle implementation business unit. This is in addition to its prominent implementations in several smart cities, such as the Intelligent Transportation Systems (ITS) in the New Administrative Capital, and the Command and Control Center in Alamein.

Meanwhile, the company plans to expand in the GCC, particularly in Oman, Bahrain, and Abu Dhabi, through collaborations with local partners and direct sales initiatives, as well as through strengthening global tech partnerships to enhance customer experience and service offerings.

Additionally, Giza Systems maintains its full commitment to sustainability, as evidenced by its first Sustainability Report (ESG/GRI 2023) with a -AA- rating from IdealRatings. The Giza Systems Foundation (GSF), which serves as Giza Systems’ CSR arm and was founded in 2013, works on empowering underserved communities through technology-driven initiatives to support society’s members via a wide range of activities. Over the years, the Foundation has provided a variety of services and programs. Most recently, GSF launched an Impact Venture Accelerator program, called BridgeZ, to support startups by creating indirect impact, and helping entrepreneurs build financially sustainable and investible enterprises. Most recently in 2024, through the social impact project acceleration program, GSF worked with 15 startups in 8 governorates, to achieve 9 of the Sustainable Development Goals (SDGs).  GSF aims to become a system aggregator and central hub for impact investment in Egypt, connecting startups with investors, donors, universities, service providers, and the private sector.

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By partnering with leading mobile money operators in the region – including Wave, Orange, MTN, Moov, Free, T-Money and Celtiis – HUB2 ensures comprehensive coverage and seamless integration across payment methods. The company is a trusted partner for leading fintechs such as Djamo, Onafriq, and Daba Finance. “After two decades in telecom, I saw the need for high-quality, interoperable payment solutions across Africa. HUB2 was built to bridge this gap, creating infrastructure that the industry can rely on,” said Gaüzère.

HUB2’s EUR8 million (US$8.4 million) Series A round was led by TLcom Capital, with participation from Dutch entrepreneurial development bank FMO, Enza Capital, French public investment bank BPI France, AXIAN, DCG, African Fintech Collective, Eric Barbier, and ENL Corporate ventures. “With this funding, HUB2 is well-positioned to strengthen our Francophone footprint and expand strategically across Africa. Our choice of diverse international investors reflects our ambition to scale continent-wide,” Gaüzère said.

Currently, HUB2 operates in six Francophone African countries – Ivory Coast, Senegal, Burkina Faso, Benin, Togo, and Cameroon – with plans to expand across the entire region, from Senegal to Madagascar, within the next 24 months. 

“We’re proud to work with HUB2 as the company extends its reach across Francophone Africa. HUB2’s achievements in the region, combined with TLcom’s track record in Anglophone markets, create a powerful partnership that will make digital payments more accessible across the continent. We are confident in the vision and execution of HUB2’s co-founders, Ashley and Jean-Rémi, to create Francophone Africa’s next payments champion,” said Eloho Omame, partner at TLcom Capital.

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Ayman Hussein, First Sub-Governor for the Information Technology Sector at the CBE, commented on the victory: “The Egyptian team’s consecutive triumph in the ‘Arab FinTech Challenge’ highlights the CBE’s continuous efforts to nurture and develop young talent through the ‘FinYology’ initiative. This success underscores the richness of the Egyptian market with promising FinTech innovators and reinforces our commitment to equipping university students with the skills and resources to drive innovation, aligned with the FinTech and Innovation Strategy launched in 2019.”

The second edition of the “FinTech Got Talent” competition kicked off this month, in collaboration with the Egyptian Banking Institute (EBI), alongside several universities and banks operating in Egypt. The competition’s finale saw exceptional projects presented by teams from 10 public, private, and national universities. To further support innovation, the “MINT Incubator” will provide all 10 finalist teams with a comprehensive three-month technical support program. This initiative aims to transform their ideas into viable, practical applications.

The “FinTech Got Talent” competition, launched under the umbrella of the CBE’s “FinYology” initiative, debuted last year and continues to empower university students to create cutting-edge digital solutions addressing the financial and banking sector’s evolving needs. Since its inception in 2020, the “FinYology” initiative, in partnership with the EBI and various financial institutions, has achieved significant milestones: Collaboration with 30 public, private, and national universities; engagement of over 7,400 students; and implementation of more than 600 FinTech projects. This initiative cements Egypt’s position as a hub for FinTech innovation, fostering a new generation of talented leaders in the financial technology landscape.

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This sandbox provides startups with guidance and oversight, encouraging innovation within a controlled environment while fostering digital solutions. Among the Egyptian companies that are driving significant change in Egypt’s financial ecosystem: Fawry, Paymob, MNT-Halan, Money Fellows and Paysky.

Farid outlined the FRA’s recent initiatives, including the development of a clear regulatory framework aimed at digitizing non-banking financial transactions. Key steps include the enactment of Law No. 5 of 2022 and related executive decisions, which govern the use of technology, Know Your Customer (KYC) protocols, and digital identity verification. These efforts align with Egypt’s Vision 2030 goals of creating a knowledge-based digital economy and promoting financial inclusion. During the event, Prime Minister Mostafa Madbouly, Minister of Communications Amr Talaat, and Minister of Higher Education Ayman Ashour visited the FRA pavilion. The FRA’s presence at the Cauro ICT Expo spans several days, featuring workshops and panel discussions on digital finance. The events were highlighting the authority’s role in raising public awareness about the benefits of non-banking financial services.

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The investments highlight Visa’s dedication to driving digital innovation within Africa, according to a Wednesday (Nov. 6) news release emailed to PYMNTS. In doing so, the payments giant aims to foster the development of FinTechs in Africa while supporting more financial inclusion and access.

The amount of money invested in each startup was not disclosed.

The startups are Ghana-based Oze, which offers embedded financial services to small- to medium-sized businesses (SMBs); Kenya-based Workpay, an HR tech firm; Nigeria-based OKHi, which digitally verifies addresses; and ORDA, a cloud-based restaurant software company digitizing over 1,500 restaurants across Nigeria, Kenya and South Africa, per the release.

The accelerator program lasts for three months and supports seed to Series A startups by providing them with mentorship, training, and opportunities for funding and partnerships, according to the release. It was first launched in 2023 and is part of Visa’s pledge to invest $1 billion in the continent by 2027 to bolster its digital transformation.

“These investments mark a substantial step for Visa — we are once again standing behind our commitment to innovation in Africa, helping to shape the future of digital payments alongside some of the brightest FinTech minds that the continent has to offer,” Godfrey Sullivan, senior vice president of products, partnerships and digital solutions for Visa CEMEA, said in the release. “Visa sees each investment as a unique opportunity to drive financial access and inclusion, and we are proud to support these startups as they realize their vision for a more connected Africa.”

Visa welcomed its second cohort to the program in January, building on the success of the inaugural accelerator program launched in June 2023, the company said at the time.

“This unique experience will offer entrepreneurs an opportunity for mentorship and fast-tracked growth, while also providing them access to a wider network of invaluable partners and investors,” Leila Serhan, senior vice president and group country manager for North Africa, Levant and Pakistan (NALP) at Visa, said Jan. 29.

Graduates of the second cohort will be able to present their capabilities to venture capitalists, angel investors, ecosystem enablers and business partners during a Demo Day Dec. 2 in Cape Town, South Africa.

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