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Cairo, Egypt (November, 2023) – Codebase Technologies, a leading global digital banking technology provider, announced its strategic joint BaaS venture at Cairo ICT 2023 with eFinance investment group, one of Egypt’s leading payment and digital banking technology companies. The two companies will launch the country’s first Banking-as-a-Service (BaaS) solutions, to accelerate the speed of digital banking transformation in the country.
Ibrahim Sarhan, Chairman of eFinance Investment Group commented, “In line with Egypt’s vision of transitioning into a cashless society, and its efforts to promote financial inclusion and boost the FinTech industry, we are proud to be an enabler for banks, and fintech startups through our highly advanced, secure infrastructure, digital investments, and partnerships with industry leaders to forge a seamless transition. Our collective collaboration with Codebase Technologies and Visa will offer a BaaS solution that is designed to grant banks, and fintechs a streamlined route to digital initiatives, while ensuring their capacity for sustained product and service innovation.”
Banking as a Service (BaaS) is a model in which banks integrate their digital banking services directly into the products of other non-bank businesses through the use of APIs (Application Programming Interfaces). BaaS plays a transformative role in enhancing financial inclusion and bolstering entrepreneurship potential across the world. This is achieved by facilitating access to banking tools such as credit, savings accounts, and payment processing. BaaS platforms, like as the one being launched, will provide tailored financial products that cater to the unique needs of Egypt’s financial institutions, banks, and fintechs, fostering innovation and growth.
Tamer Al Mauge, Managing Director – MENA at Codebase Technologies, stated “We are thrilled to combine eFinance’s industry and market expertise with our extensive global project experience and the digital banking capabilities of Digibanc. BaaS offers both established players and emerging entrepreneurs a rapid route to market for innovation and launch new products. Together, we will introduce a service that will profoundly influence Egypt’s digitization journey.”
This initiative marks a significant step forward in modernizing and enhancing the region’s financial services landscape. The joint BaaS venture will help financial institutions in Egypt transform by providing them with a full range of digital banking, neobanking, lending, and payment solutions. These services will be integrated into an efficient, cost-effective deployment model, enabling significant economies of scale, cost of ownership reduction and lower capital investment requirements for launching new digital customer experience and products. Our Digibanc Cloud BaaS suite offers an agile core banking system, digital onboarding, instant card issuance and processing, digital mobile wallets, digital Lending, and more.
“This strategic joint venture marks a significant milestone in revolutionizing the Egyptian financial landscape. Our BaaS platform offering will empower businesses and banks with unprecedented digital capabilities, fostering a more inclusive, innovative, and robust financial ecosystem that is poised to redefine the way Egypt approaches banking and finance,” added, Omar Mansur, Managing Director – Global Enterprise Projects.
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Raheel Iqbal, Managing Partner
Experienced Board Member with a demonstrated history of working in the financial services industry. Skilled in Business Planning, Management, Employee Training, Financial Accounting, and Product Development.
