Dr. Rania Al-Mashat,Egyptian Minister of International Cooperation, witnessed the acquisition of a 100% stake by Value Buy Now Pay Later (BNPL) from PayNas, which specializes in employee management services, which provides a range of financial services for small, medium and micro companies. (MSME), and PayNas is among the list of companies supported by the Egypt Entrepreneurship and Investment Company through its subsidiary accelerator (EFG-EV Fintech) – owned by the company in partnership with EFG Hermes Holding.
Dr. Rania Al-Mashat stressed the importance of this deal, which confirms the continuous growth and investment opportunities available in the emerging companies and financial services technology sector in Egypt, and the development that Egypt is witnessing as a leading regional market in this field, in light of its possession of several ingredients represented in innovative youth and economic opportunities, as well as the efforts made by the government and the private sector to create and facilitate the work environment for startups, in a way that stimulates the participation of the private sector in development.
The Minister of International Cooperation added that this deal also reflects the success of the investments made by the “Egypt Entrepreneurship and Investment” company – the first venture capital company with a government contribution – since its launch in 2017, as well as its accelerator (EFG-EV Fintech) – owned by the company in partnership with EFG Hermes Holding – in supporting the growth of emerging companies and enhancing their ability to expand in the Egyptian market and making an effort consistent with the plans implemented by the state to expand the scope of digital transformation and increase the percentage of financial inclusion and open the way for entrepreneurs and emerging companies to play their role in achieving development in the Egyptian market.
