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Abdulaziz Al Jouf

EFG Hermes, PayTabs to power cashless payment in Egypt

CAIRO, April 13, 2020

EFG Hermes, a leading financial services corporation in Frontier Emerging Markets (FEM), has announced that it has entered a strategic partnership agreement with PayTabs, an award-winning global fintech solutions provider, to launch PayTabs Egypt. 
 
PayTabs Egypt will build a cutting-edge platform to facilitate financial inclusion, catering to both the online and digital payment needs of multiple consumer segments in the country, whether the mass affluent or the emerging affluent segments. It will carry out financial transactions remotely, quickly, and seamlessly — be it purchases, money collection or paying bills, online or offline — through a simple, user-friendly interface that onboards users in a few easy steps.
 
Walid Hassouna, CEO of EFG Hermes Finance & Group Head of Debt Capital Markets, said: “Our partnership with PayTabs — a global player renowned for a longstanding track record of innovative fintech solutions  — is not only part and parcel of our goal to expand our portfolio of NBFI companies but central to our strategy to bolster financial inclusion in the nation. As the world grapples with the effects of COVID-19 on daily financial interactions at brick-and-mortar facilities, we feel like this partnership will bring to market a platform that will facilitate financial interactions safely, securely, and effectively all while closing the gap between the formal economy and the unbanked.” 
 
PayTabs Egypt aims to launch several innovative fintech solutions, payment-processing platforms and interoperable systems in the short term. The state-of-the-art hybrid digital payment platform will enable one-click payments and comprehensive solutions for merchants and consumers alike. It also plans to step in to provide merchants and businesses with several progressive payment acceptance methods such as QR codes and payment gateways. 
 
“Our goal is to empower cashless payments in every sphere of the Egyptian customer’s life cycle. Alternative payment methods are on the rise, especially at this time, to meet the needs of online consumers, led by e-wallets and bank transfers. This transformation, paired with today’s technology and Egypt’s thriving fintech culture, will allow the company to promote cashless payments that adapt to today’s e-commerce progression,” added Hassouna.
 
PayTabs founder and CEO Abdulaziz Al Jouf said: “We are excited to announce this venture, which creates synergy between two powerful global brands to create more ground-breaking payment solutions that facilitate financial inclusion and greater convenience for millions of customers in Egypt’s financial ecosystem. The primary objective of our partnership is to fuel and drive the digital economy by capitalizing on EFG Hermes’s extensive know-how, local intelligence and regional leadership to ensure scalability, simplicity and adaptability.” 
 
PayTabs Egypt has appointed industry veteran Hany Soliman as General Manager. Soliman brings to the company 17 years of diversified expertise in financial services, business development, strategic management and a wealth of experience in digital innovation and strategic alliances.  – TradeArabia News Service



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