Damen Announces Acquisition of Wakty at Cairo ICT 2026, Strengthening Its Position in Egypt’s Digital Payments Market

Damen for Electronic Payments has announced its acquisition of Wakty during an official signing ceremony held on the sidelines of Cairo ICT 2026, marking a significant milestone in the company’s growth strategy and its continued commitment to strengthening its position in Egypt’s rapidly evolving digital payments and financial technology sector.

The acquisition forms part of Damen’s broader strategy to accelerate business expansion, enhance its operational and technological capabilities, and extend its merchant network across Egypt. The move is expected to support the development of a more integrated digital payments ecosystem, delivering greater accessibility, efficiency, and convenience to merchants and consumers.

The integration of Wakty’s network of more than 15,000 service outlets into Damen’s ecosystem, which serves over 110,000 merchants across all 27 Egyptian governorates, is expected to further strengthen the company’s geographic reach and expand access to electronic payment and collection services. The acquisition will also enable both businesses to leverage their combined operational expertise to enhance service quality and customer experience.

Commenting on the acquisition, Eng. Sameh El Mallah, CEO of Damen for Electronic Payments, stated:”The acquisition of Wakty represents an important strategic milestone in Damen’s growth journey and reflects our vision of building an integrated digital payments and services ecosystem that responds to the evolving needs of the Egyptian market. Our ambition goes beyond expanding our business footprint; we are equally focused on creating greater value for merchants and customers through continuous service development and broader accessibility.”

El Mallah added:”We believe the future of digital payments in Egypt will be shaped by the integration of technology, nationwide accessibility, and customer-centric innovation. This acquisition supports our long-term growth strategy, strengthens our ability to serve new merchant and consumer segments, and reinforces our commitment to advancing financial inclusion and accelerating the transition toward a less cash-dependent economy.”

Eng. Ibrahim Sanad, Chairman of Wakty, commented:”This milestone marks the beginning of a new chapter for Wakty and presents a valuable opportunity to leverage Damen’s technological expertise, operational capabilities, and extensive market presence. We believe this strategic move will enable us to further enhance the services available to our merchant network and respond more effectively to the evolving needs of the Egyptian market.”

Sanad added:”By bringing together the strengths of both companies, we see significant opportunities for growth, innovation, and broader access to digital payment solutions. We look forward to the positive impact this integration will have on merchants and customers, while contributing to the continued development of Egypt’s digital payments ecosystem.”

The acquisition also reflects Damen’s focus on capitalizing on growth opportunities within the Egyptian market by strengthening the connection between physical point-of-sale networks and emerging digital payment solutions.

Announcing the acquisition during Cairo ICT 2026 further highlights Damen’s commitment to supporting Egypt’s digital transformation agenda and strengthening the role of homegrown fintech companies in developing a more inclusive and efficient digital economy.