EFG Hermes units ink LuLu Egypt partnership deal
CAIRO, April 7, 2021
EFG Hermes, a leading financial services corporation in frontier emerging markets, has announced a new partnership deal between its NBFI subsidiaries - valU for consumer finance and PayTabs Egypt - with leading hypermarket chain LuLu Group International.
This partnership will allow LuLu shoppers to benefit from valU’s affordable and convenient financing plans, powered by PayTabs Egypt’s payment gateway.
According to EFG, the collaboration with valU and PayTabs Egypt will roll out in two phases.
The first phase will avail valU’s installment plans to shoppers through PayTabs Egypt platform at LuLu Hypermarket’s physical outlets, while the second phase will further see LuLu shoppers benefit from valU’s payment plans when shopping online and through the hypermarket’s phone delivery service.
With valU, the shoppers will be able to shop a diverse range of available products including groceries, electronics, appliances, kitchen and home goods, and sports equipment, among others.
"We are thrilled to be signing this partnership with LuLu Group which will see valU offer consumers convenient payment plans through its user-friendly mobile app, with a duration from six and up to 60 months across an array of products available online and in LuLu’s physical stores," stated valU CEO Mohamed El Feky.
"This partnership provides customers with tailored and progressive financing solutions which grant them immediate access to financing, allowing them to meet their lifestyle needs," he noted.
"We are happy to be joining forces with PayTabs Egypt as well on this venture, which marks the latest in our ongoing commitment to work with our sister companies to offer unique and holistic financial solutions to our partners, all while creating value for our clients," he added.
Huzaifa Qureshi, Regional Director of Lulu Group International in Egypt, said: "We are extremely pleased to partner with valU and PayTabs Egypt, to allow our shoppers to benefit from access to valU’s installment programs using the fastest approval process in Egypt, as well as a seamless payment process through PayTabs Egypt’s payment gateway."
"With rapid changes in consumers’ shopping habits and the ever-increasing adoption of technology in all areas of life, we hope, through this partnership, to avail to our customers a more convenient and burden-free shopping experience both at our physical stores as well as through all of our shopping channels," she added.-TradeArabia News Service
