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Vodafone Egypt to increase its stake in Basata’s subsidiaries to 20% – Dailynewsegypt

Basata Holding for Financial Payments S.A.E., the leading e-payment services company in Egypt, announced that it is close to finalizing a deal with Vodafone Egypt to increase its stake in its two subsidiaries, TBE Egypt for Payment Solutions and Services S.A.E. (Bee) and Applications & Payment Systems Development APSD S.A.E. (Masary), from nearly 10% to 20%, after getting the approval of the Central Bank of Egypt. This step follows a successful partnership that began in April 2022, which strengthens Basata’s position in the e-payment sector.

The deal aims to explore ways of cooperation to achieve digital transformation in the e-payment sector, in line with Egypt’s strategy for financial inclusion. The deal also boosts Basata’s growth and expansion plans by launching several distinctive services throughout the year, leveraging its collaboration with a globally trusted partner, to revolutionize the financial payments industry and expand its customer base.

Karim Shehata, CEO of Basata Holding, said: “This step is a significant milestone in Basata’s journey, as we look forward to collaborating with Vodafone as our key partner, to facilitate technological development and enhance Egypt’s financial inclusion strategy, as well as support the state’s efforts towards digital transformation.”

Kareem Eid, Commercial Business Unit Director at Vodafone Egypt, said: “Vodafone is one of the key telecommunications leaders that has shown great interest in financial inclusion and e-payment services for years, as we are always seeking strategic partnerships to extend these services to more customers. Building on the success of our previous partnership with Basata, Vodafone is raising its stake to 20% after getting the necessary approvals, as we expect this partnership to support both Vodafone’s and Egypt’s vision of achieving financial inclusion and ensuring access to e-payment services for all segments.”

Eid added: “With our established experience in this field for years and our customer base of over 45 million customers, we are ready to fully support our partners to advance the e-payment sector and contribute to creating a supportive ecosystem that enhances financial inclusion, providing our customers with a comprehensive and high-quality e-payment experience.”

Through its subsidiaries, Basata offers more than 3200 different services through a wide and distinguished network of over 160,000 points of sale (POS). Basata has reached more than 40 million users and activated e-wallets in a short time to provide all the unified e-payment services needed for the daily transactions of individuals, including utility bill payments, education and insurance payments, and the Buy Now Pay Later (BNPL) installment payments service.

Basata was rebranded in 2022 after the merger of Masary and Bee e-payment providers, supported by a group of shareholders and investors from leading companies in the Egyptian market. In a short time, Basata has established itself as a leading provider of smart digital payment solutions and services.