EFG Hermes, PayTabs to power cashless payment in Egypt

Abdulaziz Al Jouf

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.”

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