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

The Central Bank of Egypt has approved raising the share of Vodafone Egypt at the e-payment services provider Basata Holding for Financial Payments.
18.02.24 | Source: Ahram Online

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.