Egyptian e-payment company Basata to launch new services in 2024 promoting financial inclusion

Ahram Online , Wednesday 20 Dec 2023

Basata Holding, a leading Egyptian e-payment services company, announced plans to introduce new services in 2024 to promote financial inclusion and support Egypt's vision of accelerating digital transformation, according to a statement by the company on Wednesday.

Basata App. Google Play.


By expanding its customer base and enhancing the financial payments sector, Basata plans to provide self-service e-payment machines in public places, which will allow seamless and secure cash deposits and withdrawals from e-wallets, bill payments, money transfers, and various payment options, including credit and debit cards.

Additionally, Basata intends to offer Buy Now Pay Later (BNPL) services for its Point of Sale (POS) systems, introducing more payment options for customers, as per the statement.

The company further plans to provide prepaid cards, and payroll services for employees, and facilitate the purchase of railway tickets.

“We are witnessing significant growth in Egypt, which marks it as a promising market for the fintech industry,” said Karim Shehata, CEO of Basata Holding.

Shehata added that Basata is committed to prioritizing the security of customer accounts by implementing advanced technologies to safeguard customer funds and data.

In 2023, the company expanded its services to include over 3,200 offerings for customers and merchants, covering utility bill payments, government financial services, education, telecommunications, and insurance payments.

The extensive network of Basata spans all Egyptian governorates, with more than 160,000 points of sale (POS) and transactions worth EGP 75 billion.

To further support financial inclusion, Egypt's Central Bank reported a 5.4 percent increase in the country's financial inclusion rate to 67.3 percent during the first half of 2023.

The number of Egyptians aged 16 and above with accounts in banks, Egypt Post, mobile phone wallets, or prepaid cards rose to 44.6 million by June 2023.

These developments align with studies indicating that digital payments in Egypt are predicted to reach $21.7 billion, accounting for 14.3 percent of the total volume, by 2027.

Short link: