Egyptian electronic payments company Damen has acquired Wakty, a local digital payments provider, in a move aimed at expanding its merchant network, strengthening its operational capabilities and increasing its reach across the country. The acquisition was announced during an official signing ceremony at Cairo ICT 2026, with Sameh El Mallah, CEO of Damen Electronic Payments, and Ibrahim Sanad, Chairman of Wakty, representing the two companies.
The deal brings Wakty’s network of more than 15,000 service outlets into Damen’s existing ecosystem of over 110,000 merchants across Egypt’s 27 governorates. The integration is expected to expand access to electronic payment and collection services for merchants and consumers, while strengthening Damen’s geographical coverage and supporting its broader growth strategy in Egypt’s fintech sector.
The acquisition forms part of Damen’s efforts to accelerate business growth, expand its customer base and strengthen its technological and operational capabilities. By combining the two companies’ networks and operational expertise, Damen aims to develop more comprehensive digital payment solutions and improve service delivery as demand for electronic transactions continues to grow across the Egyptian market.
Commenting on the acquisition, Sameh El Mallah described the deal as a strategic milestone in Damen’s growth journey, reflecting the company’s ambition to build an integrated ecosystem for payments and digital services capable of responding to the evolving needs of the Egyptian market.
El Mallah said the company’s objective extends beyond increasing its business scale, focusing instead on delivering greater value to merchants and customers through service development and wider accessibility. He added that the future of Egypt’s electronic payments industry depends on integrating technology, geographical reach and customer experience, with the acquisition expected to help Damen reach new segments of merchants and consumers while supporting financial inclusion and the transition towards a less cash-dependent economy.
For Wakty, the acquisition represents an opportunity to expand its operational capabilities by becoming part of a larger payments ecosystem. Ibrahim Sanad said the deal marks the beginning of a new phase for the company, allowing it to benefit from Damen’s technological and operational expertise to improve services for its merchant network and better address market requirements.
Sanad added that the integration is expected to open new opportunities for growth and innovation, enabling the provision of more diverse and widely accessible electronic payment services. He also expressed expectations that the deal would generate positive outcomes for merchants and customers while contributing to Egypt’s broader digital payments ecosystem.
The acquisition reflects Damen’s efforts to capitalize on growth opportunities in Egypt’s fintech sector by integrating physical payment networks with modern digital solutions. Expanding its geographical footprint could strengthen the company’s ability to facilitate access to financial and electronic services across different governorates, particularly as the market continues its transition towards digital payment infrastructure.
Damen currently operates a network of more than 110,000 merchants across Egypt’s 27 governorates and provides over 1,500 electronic services. These include bill payments, mobile top-ups, utility payments, government services, donations, and other digital payment and collection solutions. The company is part of Smart Group and continues to expand its network and strategic partnerships to support financial inclusion and digital transformation.
Founded in 2015 as an Egyptian joint-stock company, Wakty specializes in electronic payment and collection services. Its network includes more than 15,000 service outlets, offering solutions such as mobile credit top-ups, telecommunications and utility bill payments, university fees, donations, and various government and financial services.
By bringing these networks together, the acquisition strengthens Damen’s distribution infrastructure and expands the number of physical locations through which customers can access digital financial services, adding another development to Egypt’s growing electronic payments market.