Eligible customers who shop on Egypt’s Amazon domain will now have the option to buy now and pay later through a new consumer financing payment method offered by valU Consumer Finance, a fully owned subsidiary of EFG Hermes.
valU Consumer Finance has entered into an agreement with Amazon to offer the payment method on amazon.eg for eligible customers.
Through valU’s consumer financing products, customers will have the option to split the total cost of purchases into multiple payments while using the buy now pay later platform.
As part of the commercial agreement, Amazon agreed to acquire $10 million (AED36.7 million) in EFG Hermes global depositary receipts (GDRs) with the option to replace that investment into valU at a future date, translating into a stake of 4.255% of the issued share capital of valU.
EFG Hermes has a current footprint spanning 13 countries across four continents. It has grown over 38 years from a pure-play investment bank in MENA into an impact-driven universal bank in Egypt
In April, the UAE’s largest bank, First Abu Dhabi Bank (FAB), withdrew its non-binding offer for a majority stake in EFG Hermes Holding, Egypt’s biggest investment bank.
EFG Hermes recieved the offer in February for a stake of no less than 51 percent.
In a statement to the Abu Dhabi Securities Exchange, the First Abu Dhabi Bank claimed that it was withdrawing the offer due to market volatility.
EFG is a major adviser on initial public offerings at home and across the Middle East and North Africa.
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