CBE approves raising Vodafone’s share in Basata to 20%

Doaa A.Moneim , Thursday 15 Feb 2024

The Central Bank of Egypt has approved raising the share of Vodafone Egypt at the e-payment services provider Basata Holding for Financial Payments to 20 percent, according to a joint statement by the two sides.

CBE
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP

 

The company revealed that it is nearing the completion of a deal to increase Vodafone Egypt's stake in two of its subsidiaries, TBE Egypt for Payment Solutions and Services SAE (Bee) and Applications & Payment Systems Development (APSD) SAE (Masary), from nearly 10 to 20 percent. 

The extended agreement between Basata and Vodafone Egypt aims to foster collaboration and explore avenues for comprehensive digital transformation within the e-payment sector. 

This strategic alliance aligns with Egypt's vision for achieving financial inclusion and catalyzes Basata's expansion plans. 

Under this partnership, the two sides intend to launch a series of distinctive services throughout the year, leveraging the global expertise and trust associated with Vodafone to revolutionize the financial payments industry.

This action focuses on facilitating technological advancements, supporting Egypt's financial inclusion strategy, and contributing to the nation's digital transformation efforts, Basata Holding's CEO Karim Shehata said. 

Kareem Eid, the Commercial Business Unit director at Vodafone Egypt, highlighted Vodafone's long-standing commitment to financial inclusion and the provision of e-payment services in the Egyptian market.

He underlined the company's dedication to establishing strategic partnerships that expand the reach of these services to a broader customer base. 

Eid emphasized that this collaboration will not only support Vodafone's vision but also Egypt's mutual goal of achieving financial inclusion and ensuring universal access to e-payment services.

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