Arab Finance: EFG Finance, the non-banking financial services (NBFI) platform of EFG Holding, has unveiled its strategic growth plans for the Egyptian remittance infrastructure company Balad, according to a press release.

The announcement follows a period of regulatory, operational, and product development that has strengthened Balad's platform and reinforces its role in Egypt's rapidly evolving remittance ecosystem.

In February 2025, Balad became the first Egyptian remittance aggregator to receive full approval from the Central Bank of Egypt (CBE) and commence operations through its partnership with Banque du Caire.

The transaction builds on the support of Balad's early institutional investors, including First Circle Capital, Acasia Ventures, and Sunny Side Venture Partners.

Remittances remain one of Egypt's largest sources of foreign currency, boosting household incomes, advancing financial inclusion, and strengthening the country's macroeconomic resilience.

Earlier in 2026, EFG Finance acquired a controlling stake in Balad. supporting the company's next stage of growth to expand its impact across Egypt’s remittance landscape.

Aladdin ElAfifi, CEO of EFG Finance, highlighted: "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."

For his part, Adham Azzam, Founder and CEO of Balad, said: "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."