Cairo – Mubasher: Etisalat Egypt by listed e& joined forces with Banque Misr to launch an electronic payments firm with a capital of EGP 500 million ($16.17 million).

The e-payments joint venture (JV) is expected to be inaugurated by the end of 2023, Bloomberg Asharq reported.

The ADX-listed firm will hold more than 60% majority stake in the JV, while the Cairo-based lender will own the remaining equity.

In the first half (H1) of 2023, e& logged net profit attributable to the shareholders worth AED 4.70 billion, compared to AED 4.86 billion in H1-22.

During the 12-month period that ended on 31 December 2022, Banque Misr generated EGP 25.92 billion in consolidated net profit after tax, including non-controlling interest.