Aman, a company recently founded by Raya Trade that is specialised in electronic payment solutions, will effectively launch in the Egyptian market in September, according to Basim Moujahid, CEO of Raya Trade, a subsidiary of Raya Holding.
Aman aims to provide electronic payment solutions “from a new perspective”, thus enabling all kinds of users to make payments electronically via different means: through Raya Trade and Distribution outlets, or through smart phone applications, or via the Internet.
The company was founded with an EGP 100m capital and targets 20,000 selling points and outlets across 15 provinces by the end of 2016.
Moujahid told Daily News Egypt that the procedures to establish the company have been completed.
“Currently, we are working on the final stages before launching the service, which is training employees and formulating the agreement on advertising, as well as signing the necessary contracts with various telecom and internet companies in Egypt to provide the best quality and support for customers and companies,” he said.
Raya Holding owned about 2.5m shares in Fawry, before selling them to BSI Netherlands BV at a value of EGP 174.2m in July.
A group of foreign investment funds acquired the majority stake in Fawry for $100m.
The investment funds that carried out this bargain include the Egyptian-American Enterprise Fund, Helios Investment Partners, and MENA Long-Term Value Fund.