EFG Finance, the non-bank financial institution (NBFI) platform of EFG Holding, a leading financial institution with a universal bank in Egypt and the leading investment bank in MENA, today outlined its strategic growth plans for Balad, an Egyptian remittance infrastructure company in which EFG Finance holds a majority investment.

The announcement comes as Balad prepares for its next phase of growth, following a period of regulatory, product, and operational development that has strengthened its platform and expanded its role within Egypt's evolving remittances landscape. In February 2025, Balad became the first Egyptian remittance aggregator to go live with full approval from the Central Bank of Egypt through its partnership with Banque du Caire, a milestone that underscores the country's progress toward a more regulated, digitally enabled cross-border money transfer infrastructure.

Founded in 2022, Balad has evolved from its original business model into a B2B infrastructure platform that enables banks, exchange companies, financial institutions, and businesses to deliver faster, more secure, and fully compliant remittance services. Through its platform, Balad aims to improve the efficiency of cross-border money transfers and deepen the financial connectivity between Egyptians abroad and the domestic economy.

EFG Finance's majority investment in Balad reflects its broader strategy of expanding across high-growth financial services verticals while supporting the development of Egypt's digital financial infrastructure. The focus now turns to accelerating Balad's platform development, deepening partnerships across the remittance value chain, and advancing solutions that enhance access, convenience, and transparency for Egyptians living abroad and their families at home.

The transaction also builds on the continued support of Balad's early institutional investors: First Circle Capital, Acasia Ventures, and Sunny Side Venture Partners. All three backed Balad from its early stages, increased their commitments and remain invested alongside EFG Finance and Adham Azzam. Their participation brings complementary validation to the shareholder base: specialist African fintech expertise from First Circle Capital, deep Egyptian startup-ecosystem knowledge from Acasia Ventures, and a Japan-to-Africa perspective from Sunny Side Venture Partners.

Remittances are among Egypt's most important sources of foreign currency, playing a critical role in supporting households, strengthening financial inclusion, and reinforcing macroeconomic resilience. With millions of Egyptians living and working abroad, efficient, regulated, and accessible remittance channels remain a national priority.

Commenting on the announcement, Aladdin ElAfifi, CEO of EFG Finance, said: "Balad represents a strategic addition to EFG Finance's platform and reflects our commitment to investing in businesses that address real economic needs. Remittances are a vital pillar of Egypt's foreign currency inflows and an essential financial bridge between Egyptians abroad and their families at home. Our focus is to support Balad in scaling its infrastructure, expanding its partnerships, and contributing to a more efficient, secure, and digitally enabled remittance ecosystem. This is fully aligned with our strategy of building a diversified NBFI platform that advances financial inclusion and accelerates the digital transformation of financial services in Egypt and the wider region."

Commenting on the partnership, Adham Azzam, Founder and CEO of Balad, said: "I founded Balad with a clear vision: to build the infrastructure that powers the future of remittances in Egypt. Since inception, we have focused on developing a compliant, scalable, and technology-driven platform that enables financial institutions and businesses to deliver seamless cross-border payment experiences. With EFG Finance's backing, expertise, and long-term commitment to innovation, together with the continued support of First Circle Capital, Acasia Ventures and Sunny Side Venture Partners, we are entering a new phase of growth that will allow us to expand our capabilities, strengthen our partner network, and create greater value for Egyptians abroad and their families in Egypt."

Selma Ribica, Co-Founder & Managing Partner, First Circle Capital: “As specialist fintech investors, we identified Balad’s regulated-infrastructure thesis early and recognized the strength of building a compliant platform for one of Egypt’s most critical financial flows. Our continued and increased commitment reflects our conviction in the resilience of Balad’s business model, the quality of its execution, and Adham’s vision as a founder. With EFG Finance now bringing institutional capacity, sector expertise, and scale, Balad is entering its next phase of growth with the right foundation to become a core enabler of Egypt’s digital remittance ecosystem.”

Aly El Shalakany, Managing Partner, Acasia Ventures: “Balad is a strong example of how locally grounded fintech infrastructure can address a critical national need while attracting institutional scale. From its earliest stages, Acasia’s Egyptian roots and deep understanding of the local startup and financial services ecosystem allowed us to recognize the strength of Adham’s vision and the relevance of Balad’s model. Our continued commitment reflects our confidence in the company’s execution, its regulatory-first approach, and its ability to scale while preserving the founder-led drive that has shaped its progress to date. With EFG Finance’s backing, Balad is entering a new phase with the institutional support needed to expand its impact across Egypt’s remittance landscape.”

Balad recently participated in the Egyptian Ministry of Foreign Affairs' conference dedicated to Egyptians abroad, held on 2 and 3 August. The event provided an important platform for Balad to engage with key stakeholders and reinforce its role in supporting national efforts to better serve Egyptians overseas. Its participation also reflects EFG Finance's commitment to working closely with both public- and private-sector partners to promote more effective, transparent, and accessible remittance solutions.

EFG Finance acquired a controlling stake in Balad earlier in 2026. Following the acquisition, Balad continues to operate under its existing leadership team, led by founder and CEO Adham Azzam, with EFG Finance supporting the company's next stage of development through its financial services expertise, institutional network, and operating scale.

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About EFG Holding:

EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a financial institution that boasts a legacy of more than 40 years of success in five countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) - the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.

EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers extensive financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a provider of innovative and integrated financial solutions for micro and small business owners and entrepreneurs, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, Bedaya for mortgage finance, Kaf for insurance, and EFG Finance SMEs, which provides financial services for small and medium enterprises. Furthermore, the company delivers commercial banking solutions through Bank NXT, an integrated retail and corporate banking product provider in Egypt.

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain |

Learn more about us at www.efgholding.com

For further information, please contact:

May El Gammal
Group Chief Marketing & Communications Officer of EFG Holding
melgammal@efgholding.com

Omar Salama
Head of Communications of EFG Holding
osalama@efgholding.com

The EFG Holding Public Relations Team
PublicRelations@efgholding.com

Note on Forward-Looking Statements 
In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding’s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management’s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.

About Balad:
Founded in 2022, Balad is an Egyptian B2B cross-border payments infrastructure company building the technology that connects licensed money transfer operators, fintechs, and financial institutions outside Egypt with the country’s domestic financial system. Through a single integration, partners can route inbound remittances to bank accounts, mobile wallets, and cash payout channels in Egypt with compliant, transparent, and traceable processing. In February 2025, Balad became the first Egyptian remittance aggregator to go live with full approval from the Central Bank of Egypt through its partnership with Banque du Caire. Balad is an EFG Finance company, led by its founder and CEO, Adham Azzam, with the continued support of First Circle Capital, Acasia Ventures, and Sunny Side Venture Partners. 
For more information, visit www.balad.me.