Finance

Egypt: AfricInvest acquires stake in Masria Digital Payment

Thursday, 16 January 2020 09:34
Egypt: AfricInvest acquires stake in Masria Digital Payment

(Ecofin Agency) - AfricInvest, a leading pan-African mid-cap-focused private equity firm, has entered into a partnership with Masria Digital Payment (MDP), a provider of payment solutions and smart cards in Egypt. The transaction was carried out via AfricInvest’s Maghreb Private Equity Fund IV, which targets North African companies that are well established in their local markets and have the potential to scale up their activities at the regional level.

This new partnership will enable MDP to strengthen its presence across the entire payments value chain in Egypt. “Capitalizing on this new agreement with AfricInvest, Masria Digital Payment aims to offer payment solutions to its customers by venturing into the field of digital payment. We look forward to reaching our next stage of growth with our new partner,” said Amr Rashad Nafie, President of MDP.

In a 2019 study entitled “Egypt's mobile wallet & Payment Market, 2016-2025,” the firm’s Research and Markets revealed that the mobile payment industry in this North African country is in a strong growth phase and is projected to reach $22.48 billion by 2025.

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