• The app upgrade coincides with rapid boom of the MEA fintech market poised to reach a valuation of USD 47.68 billion by 2029
• The upgrade also signifies the long-standing partnership between Damen and BKN301 Group in Egypt
• BKN301 Group aims to further consolidate its foothold in the Egyptian market

September 23, 2024:
Damen, a leading electronic payment company and innovator in the field of digital transactions, and BKN301 Group, a London-Based leading digital payments and Banking-as-a-Service provider in the MENA region, announced the update their ‘Damen Cash’ app by introducing a new feature for paying gas bills using NFC technology. This functionality was officially integrated during the recently concluded Seamless North Africa event, where BKN301 Group and one of its clients, Damen, highlighted their long-standing partnership and commitment to innovation.

The latest app enhancement comes at a time when the fintech market in the Middle East and Africa (MEA) region is rapidly growing, and is poised to reach a valuation of USD 47.68 billion by 2029, expanding at a compound annual growth rate (CAGR) of 21.42 per cent from 2024 to 2029. The introduction of NFC payments in the ‘Damen Cash’ app aims to address the growing demand for efficient, personalised financial solutions and supports the broader trend towards digital transformation in the financial sector, all while enhancing user convenience and security.

Stiven Muccioli, Founder and CEO of BKN301 said: “We are proud to take a significant step forward in enhancing the ‘Damen Cash’ app, a move that not only advances the fintech sector in the MENA region, but also deepens our valued partnership with Damen, while reflecting our genuine commitment to improving financial services in the region. Our active participation in events like Seamless North Africa 2024 not only showcases our innovation, but also highlights our dedication to revolutionising the fintech landscape in the MENA region and establishing a strong presence in the vibrant Egyptian market. At BKN301, we are passionate about driving financial inclusion and fostering innovation, especially for the unbanked segments. We are excited to continue working towards a more inclusive financial future for everyone with Damen and other clients.”

Sameh Elmallah, CEO of Damen, said: "Damen's partnership with BKN301 Group underscores our shared vision and commitment to driving innovation and financial inclusion in the MENA region. 'Damen Cash' app, with its newly integrated NFC technology, represents a significant step forward in providing convenient and accessible digital payment solutions. By showcasing our collaboration at Seamless North Africa 2024, we aim to inspire innovation, drive digital adoption, and empower individuals and businesses across the region."

At the event, BKN301 and Damen highlighted, discussed and interacted with visitors on key financial trends including embedded finance and its integration into various services, innovations aimed at increasing financial inclusion, and advancements in digital banking. They also emphasised the importance of enhancing cybersecurity, open banking APIs, and the role of Web 3.0 and eKYC in improving security and customer experience. Additionally, they highlighted the shift towards a cashless economy, focusing on contactless payments and merchant solutions that support financial inclusion and SMEs.

With the fintech market evolving rapidly, BKN301 Group and Damen are well-positioned to leverage these trends, reinforcing their roles as leaders in digital payment solutions and continuing their efforts to drive positive change in the financial sector.

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