Egypt to sell minority stake in state payments firm e-finance

The sale is one of several planned for this year.In May, Egypt sold a 51% stake in state-owned Arab Investment Bank (AIB) to privately owned EFG Hermes, its first sale of a majority bank stake since 2006.

CAIRO: Egyptian state-controlled payments firm e-finance for Digital and Financial Investments said on Sunday it would offer up to 14.5% of its capital in an initial public offering in the fourth quarter of 2021.

Founded in 2005, e-finance said in a statement it is the sole entity authorised to operate the government's financial network, including processing and settling payment and collection transactions.