e-finance Acquires Majority Stake in Tamweely for $122M

e-finance, a publicly listed Egyptian fintech group, has secured shareholder approval to acquire 99.32% of micro-lender Tamweely in a cash-and-share deal valued at EGP6.4 billion ($122 million). This acquisition, first announced in August, allows e-finance to expand its footprint in Egypt's consumer and small-business financial services market.

The transaction consists of two parts: e-finance will pay EGP956 million ($18 million) in cash upfront, with an additional payment contingent on Tamweely's future financial performance due in 2028. Furthermore, e-finance will issue 146.1 million new shares to Turin Egypt, Tamweely’s major shareholder, granting Turin a 4.04% stake in e-finance.

This strategic move enables e-finance to diversify its offerings beyond payment infrastructure by incorporating microfinance services aimed at customers needing working capital.