Cairo - eAswaaq, a subsidiary of e-finance for Digital and Financial Investments, and Post for Investment, a unit of Egypt Post, launched the ECOM Africa company, according to a press release.

The joint venture (JV) will develop and operate specialised electronic marketplaces targeting the African market. It will secure new opportunities for cooperation at the regional and continental levels, promoting the inflow of foreign currency through investment.

ECOM Africa is developed to enhance and operate electronic marketplaces, including the design, development, operation, management, maintenance, and marketing of e-commerce websites.

Furthermore, the joint project seeks to overcome the challenges that electronic marketplaces face across African nations and provides an opportunity for Egypt to position itself as a leading e-commerce portal in several African countries.

In line with its objectives of connecting SMEs across the continent with different markets, ECOM Africa has announced the hiring of a new executive leadership team.

Ibrahim Sarhan, Chairman of e-finance, said: “The group has a lot that it can offer to support a number of Africa nations, including the transfer of expertise and the training of African calibers, preparing them for the use of the latest technologies in the fields of digitalization, electronic payments, and e-commerce.”

Abdo Elwan, Acting Board of Directors Member at Egypt Post, stated: “Our focus is specifically on the creation and innovation of new comprehensive services in collaboration with e-finance Group and eAswaaq, owing to their huge ability and successful track record in digital payments and online marketplaces.”

Sherif Shaheen, the Chairman of ECOM Africa, commented: “This initiative presents is a great opportunity for leveraging Egypt’s abilities and infrastructure to enhance commercial activity across African markets. We are committed to providing fair commercial opportunities to small and medium businesses operating across the targeted markets.”

Ahmed Abdeen, ECOM Africa’s CEO, added: “We are committed to delivering exceptional services and solutions to stakeholders and enhancing the platform’s position as a primary partner in the African marketplace.”

In the first half (H1) of 2024, the EGX-listed company posted consolidated net profits valued at EGP 784.56 million, compared to EGP 726.10 million in H1-23.

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