2024/09/17

Ahmed Yehya: We are considering applying for a digital bank license

In an ambitious move that could redefine Egypt's digital financial landscape, e&'s Commercial Sector CEO, Engineer Ahmed Yehya, announced the company's strategic pursuit of a digital banking license. This groundbreaking initiative marks a pioneering move for a telecommunications giant in the Egyptian market.

Building on a successful year in 2024, marked by a 35% revenue surge and substantial network investments of 10 billion Egyptian pounds, e& is poised to leverage its strong market position to enter the fintech arena.

Yehya emphasized that the digital banking license aligns with e&'s broader strategy to drive financial inclusion and digital transformation in Egypt. The company aims to transcend its traditional role as a telecommunications provider and become a pivotal force in shaping the future of digital financial services.

Despite its ambitious plans, Yehya underscored e&'s commitment to a measured approach. The company will only venture into new sectors if rigorous feasibility studies demonstrate a compelling economic rationale. This prudent approach reflects a deep understanding of market challenges.

The idea of a telecommunications company transforming into a digital bank could usher in a new era of innovation in Egypt's financial sector. Leveraging its technological prowess and vast customer base, the company is well-positioned to offer innovative financial solutions that cater to the diverse needs of Egyptians. This move aligns with the broader trends of digitization and financial inclusion.