EFG Hermes E : PayTabs Egypt Moves to Provide SMEs with Free Access to Digital Payment Solutions for Three-Months
PayTabs Egypt, a joint venture between EFG Hermes and PayTabs, announced today that existing and prospective clients will be offered access to set up a payment gateway free of charge for a three-month period. The move is unprecedented in the MENA region and marks the widest charge-free extension of an online payment and checkout platform.
PayTabs Egypt’s initiative is intended to support SMEs that have endured financial challenges with the COVID-19 lockdown and is not limited to specific industries or market segments. The offer is available to businesses that process approximately EGP 100,000 per month in online sales. The initiative leverages and seeks to accelerate the rapid ongoing shift from a traditional retail ecosystem centered on brick-and-mortar models towards a greater role for e-commerce activity, across Egyptian retail sectors including fashion, electronics and food delivery. The initiative further aligns the company with government efforts to reduce the volume of cash transactions in the interest of financial inclusion and containing the spread of the virus.