FinTech news in nexta category

In a statement, Ibrahim Sarhan, eFinance’s chairman and CEO, said the investment in Nexta is in line with Egypt’s digital transformation plan and vision for 2030, including the Group’s plan to maximize its assets and investments by investing in the fintech space. Last year, Nexta obtained a provisional license from the Central Bank of Egypt (CBE) and will look to fulfill further requirements and meet certain obligations before obtaining the CBE final approval for the agent banking license it needs to launch its services in the country. Nexta, an Egyptian startup that plans to launch its banking app in the coming months, has secured a $3 million investment from eFinance Group, a state-owned provider of digital payments solutions. Egyptians looking for fresh alternatives that do not include telco-powered mobile wallets and digital channels from legacy banks can turn to Nexta and Telda, the Sequoia-backed fintech that announced a $20 million seed round last week.