eFinance Investment Group delivered another record high year in terms of revenue, net profit, and margin expansions across the board, as revenue expanded by 47% y-o-y to EGP 3.9 billion and adjusted net profit reached an all-time high of EGP 1.5 billion an increase of 61% y-o-y with a margin expansion to 39.2%. EFIG announced today its standalone and consolidated results for the year ended 31 December 2023. The Group’s consolidated revenues grew by 47.5% y-o-y to EGP 3,898.6 million, driven by solid results across its portfolio of subsidiaries. On the profitability front, the Group EBITDA rose by 64.5% y-o-y to EGP 1,836.6 million, yielding an EBITDA margin expansion of 4.9 percentage points to 47.1% in FY2023. At the bottom-line, e-finance’s net profit after NCI witnessed a substantial 56.4% y-o-y increase to EGP 1,257.7 million, with an associated y-o-y net profit margin expansion of 1.9 percentage points to 32.3% in FY2023. Adjusted net profit, which adds back non-cash ESOP expense on an after-tax basis, reached EGP 1,529.3 million in FY2023Commenting on the Group’s performance, EFIG's Chairman & CEO Ibrahim Sarhan said: “The Group’s consistent strong performance underscores its ability to meet operational, financial, and strategic objectives amidst an ever-changing macroeconomic landscape. Despite market fluctuations in Egypt, due to heightened inflationary pressures and local currency devaluation, the Group successfully navigated through these obstacles with resilience and determination, culminating in a robust performance for FY2023.Click Here for the full Earnings Release

eFinance Investment Group, one of Egypt’s leading developers of digital payment infrastructures, has signed a Memorandum of Understanding (MOU) with Software Group, a global technology company specialized in digital banking solutions and financial inclusion, to encourage the adoption of digital financial technologies, Agent Banking, along with cloud computing services and artificial intelligence. The MOU, which was signed during the 27th edition of Cairo ICT 2023 Middle East and Africa Exhibition and Conference, is part of EFIG’s plan to empower banks and financial institutions in Egypt by providing a wealth of solutions and services including agency banking services widening the access of financial services to mass market, while focusing on rapid time to market. This Partnership is capitalizing on the capabilities of SW Group Agency Banking Technology aiming to contribute to the Central Bank of Egypt’s strategy for financial inclusion and national economic development under the 2030 Vision. Furthermore, the partnership augments EFIG’s vision to be an enabler, not only for Digital Banks, but also for Banks and NBFIs who wish to become more digital. The aim is to provide pre-built building blocks and make them available to achieve faster time to market and high value for customers. This Financial Services Platform is compatible with the banking regulatory instructions published by the Central Bank of Egypt and the Financial Regulatory Authority, allowing EFIG to provide a wealth of components in Banking-as-a-Service (BaaS) model on its Sovereign Public Cloud. eFinance’s ability to operate national-scale end-to-end mission-critical solutions is one of its kind; It is considered one of the top unique values that eFinance provides for its customers. Software Group will capitalize on its technology and expertise necessary to build technological solutions for the financial sector. The company’s DigiWave Digital Banking Platform will serve as the foundational system, complemented by its off-the-shelf digital channel solutions including agency banking, mobile and internet banking, loan origination with credit scoring, mobile card applications and digital wallets, factoring, enterprise integration, and more. EFIG and Software Group are developing a commercial model to support the development and management of all digital banking and financial components.  Further, the two companies will partner to market, and cooperate with banks and financial institutions in Egypt and beyond to enhance financial inclusion and reduce the costs incurred by banks in leveraging new technologies, opening new branches, and reaching underserved customers in remote locations. While commenting on the partnership, eFinance Investment Group Chairman and CEO, Ibrahim Sarhan, said, the Egyptian market is evolving and we are working on empowering financial and non-financial institutions to respond innovatively to this rapid change  by providing a full spectrum of digital financial service activities, supported by huge investments and a giant infrastructure established by eFinance Investment Group aiming to accelerate the digitization of economy. He further added that the group continuously seeks enrichment of its capabilities by forging partnerships to provide digital financial solutions that are first of its kind in the Egyptian market. “The group is proud of its partnership with Software Group, a global company and a leader in its field. The cooperation will result in the provision of a diverse and new set of digital financial services to the banking and financial sectors considering the continuous development and modernization of various regulations, controls, and laws led by the Central Bank of Egypt and the Financial Regulatory Authority to support and enhance digital financial inclusion and make more innovative financial tools available,” stated Ibrahim. Also commenting on the partnership, Software Group CEO, Kalin Radеv expressed his pride in partnering with EFIG due to its great experience in digital transformation and financial inclusion within Egypt. “We are thrilled to collaborate with eFinance Investment Group in this strategic partnership that accelerates financial inclusion in Egypt and supports the realisation of the country’s Vision 2030. The synergy between EFIG's industry and market expertise and Software Group's global experience and proven digital banking solutions, positions us to drive the nation forward into a digital era of financial inclusivity and sustainability,” said Kalin.

eFinance Investment Group has recently unveiled its expansions in the field of cloud computing services, having entered into several collaboration agreements with leading global companies. Among these are Broadcom, Ivanti, LogRhythm, NetScout, Sophos, Splunk, TrendMicro, Veeam, and Xerox, which have joined the diverse roster of global companies on the eFinance cloud computing platform. This move responds to the needs of the Egyptian market, as the company aims to provide comprehensive technological solutions through its collaboration with international firms. Thanks to these new partnerships, the number of services on the eFinance cloud computing platform has risen to 200 diverse offerings. The integration among these services aims towards providing a variety of technological solutions that cater to the needs of all companies, regardless of their size or geographical scope. This enhances its ability to adapt to digital transformation and sustainably improve its performance. These expansions follow the launch of Egypt's first integrated cloud computing platform by eFinance during the "Cairo ICT 2022" exhibition. This step aims to support Egypt's vision 2030 in achieving digital transformation and providing an advanced digital infrastructure to foster innovation and enhance operational efficiency. In a statement, Ibrahim Sarhan, Chairman & CEO of eFinance Investment group, emphasized the importance of these partnerships in supporting digital transformation in Egypt. He highlighted that the significant development witnessed by the platform plays a crucial role in supporting the state's efforts towards digital transformation and serving various sectors, including financial inclusion and startups. Mr. Ibrahim Sarhan points out that this new technology meets the needs of current and future companies and institutions, reflecting The Group's commitment to continuous development and keeping abreast of the latest advancements in global data centers. It is also worth mentioning that The Group has obtained the ISO 20001 quality certification in cloud computing operations, placing it among the top 200 service providers globally.