EFG Finance, the non-banking financial services arm of EFG Holding, has outlined growth plans for Balad after acquiring a controlling stake in the Egyptian remittance infrastructure company earlier in 2026. The move aims to expand Balad’s platform, deepen partnerships and strengthen Egypt’s formal digital remittance ecosystem.
Balad, founded in 2022, became the first Egyptian remittance aggregator to receive full Central Bank of Egypt approval and begin operations in February 2025 through a partnership with Banque du Caire. It operates as a B2B infrastructure platform connecting international money-transfer operators and fintechs with local payout channels, including bank accounts, mobile wallets and cash pick-up points.
Aladdin ElAfifi, CEO of EFG Finance, said the focus is on scaling Balad’s infrastructure, expanding its partner network and contributing to a more efficient, secure and digitally enabled remittance system. The investment aligns with EFG Finance’s broader strategy of building a diversified non-bank financial platform that supports financial inclusion and digital transformation in Egypt and the region.
Adham Azzam, founder and CEO of Balad, noted that the backing from EFG Finance, alongside continued support from early investors First Circle Capital, Acasia Ventures and Sunny Side Venture Partners, positions the company for its next phase of growth. Balad has signed more than 20 international partners and is applying for a direct Payment Service Provider licence under the CBE’s updated regime.
Egypt remains one of the world’s largest recipients of remittances. Inflows hit a record $41.5 billion in calendar 2025, with the majority originating from the Gulf, particularly Saudi Arabia and the UAE, alongside significant corridors from the US, Europe and Canada. Formal, efficient rails matter both for household incomes and for the country’s foreign-currency position.
Balad’s model sits between global senders and local distribution networks, aiming to reduce friction and improve compliance and speed. With institutional capital and operational scale from EFG Finance, the company plans to accelerate platform development and explore additional corridors. Azzam has also pointed to longer-term opportunities to move beyond pure transfers into savings and investment products for diaspora communities.
The investment reflects a wider pattern of traditional financial groups taking stakes in specialised fintech infrastructure players as Egypt’s payments and remittance markets digitise. Success will depend on execution, regulatory progress on the PSP licence, and the ability to capture share in a market still dominated by established international money-transfer brands.
