Cairo – Mubasher: The fintech firm CAYESH signed a strategic partnership agreement with EFG Hermes Corp Solutions.

The two companies will launch a programme enabling corporate buyers and their suppliers to digitise their payment processes and finance their receivables using CAYESH technology, the Egyptian Financial Group Hermes Holding (EFG Hermes) said in a bourse disclosure on Wednesday.

The programme is aimed at minimising physical and operational obstacles through a one-time-onboarding process and using advanced technology to validate and process financing requests.  

During the first nine months of 2020, EFG Hermes logged net profits of EGP 849.8 million, down from EGP 1.04 billion in the same period in 2019.