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EFG Finance, the financial services arm of Egyptian universal bank EFG Holding, has made a majority investment in Balad, the Cairo-based remittance infrastructure company.
The investment amount was not disclosed.
EFG Holding is a financial institution with over 40 years of experience in five countries across two continents. It operates in three main areas: Investment Banking (EFG Hermes), Non-Bank Financial Institutions (EFG Finance), and Commercial Banking (Bank NXT).
The company offers a wide range of innovative financial products and services designed for both individual clients and businesses of all sizes.
Balad’s founder and CEO, Adham Azzam, will continue to lead the company, with EFG Finance providing institutional capacity and access to its broader financial services ecosystem.
Founded in 2022 by Azzam, Balad operates as a B2B infrastructure platform that gives banks, exchange companies, FinTech firms, and other licensed institutions a single integration to reach every way money lands in Egypt: bank accounts, mobile wallets, and cash pickup.
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.”
The platform currently connects to more than 58 banks and payout partners, over 20 mobile wallet brands, and more than 1,000 cash pickup points, with new partners going live in roughly a week.
In February 2025, Balad became the first Egyptian remittance aggregator to receive full approval from the Central Bank of Egypt, operating through a partnership with Banque du Caire. The deal comes at a time when Egypt’s remittance market is booming, says Azzam in a LinkedIn post.
The country received a record $41.5 billion from Egyptians abroad in 2025, making it Africa’s largest remittance market and accounting for more than a third of all remittances flowing to the continent.
Egypt is also among the world’s top five remittance recipients globally. Yet for the businesses sending money in, reaching recipients has traditionally meant wiring up banks, wallets, and cash networks one integration at a time across each corridor.
Azzam says the longer-term vision goes beyond transfers. He wants Balad’s infrastructure to enable institutions to offer Egyptians abroad the ability to pay for education and healthcare, save, invest, buy property, and prepare for their return, turning a single remittance into a lasting financial relationship.
Balad’s earlier investors include First Circle Capital, Acasia Ventures, and Sunny Side Venture Partners, all of whom continue alongside the company.
The next phase will focus on accelerating platform development, deepening partnerships across the remittance value chain, and expanding access for Egyptians abroad and their families at home.
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.“
