Codebase launches BaaS solution in Egypt with Visa and eFinance
Open API banking solution provider Codebase Technologies is launching what it claims to be Egypt’s first Banking-as-a-Service (BaaS) solution in partnership with Visa and Giza-based paytech eFinance Investment Group.
Codebase partners Visa and eFinance for BaaS in Egypt
The resulting BaaS model of the partnership will enable the country’s non-bank businesses to integrate banks’ digital services into their product lines via APIs. Canada-based Codebase predicts the offering will have “a transformative role” in Egypt’s rate of financial inclusion and entrepreneurship by widening access to digital banking, lending and payment solutions.
These services are to be consolidated into a “cost-effective deployment model”, says Codebase, which predicts that the use of its cloud-based BaaS suite and core banking system will reduce the amount of investment needed to bring new digital banking products to the market.
Ibrahim Sarhan, chairman of eFinance Investment Group, explains how the launch of the BaaS platform aligns with Egypt’s pursuit of a cashless society and a prosperous fintech industry, and claims it will grant recipients “a streamlined route to digital initiatives, while ensuring their capacity for sustained product and service innovation”.
Adding to this, Omar Mansur, managing director of global enterprise projects at Codebase, anticipates the platform fostering “a more inclusive, innovative and robust financial ecosystem that is poised to redefine the way Egypt approaches banking and finance”.
The launch of the platform this week follows Codebase’s partnership with Dubai-based digital commerce company Network International, with the pair joining forces to launch a very similar BaaS solution for businesses and banks in the Levant region last September.
