EFG Hermes and online payment service, Paytabs, have signed a strategic partnership to launch a new platform providing electronic and digital payment services. The new company, Paytabs Egypt, will meet the needs of multiple segments of customers with high and medium incomes.
In a statement, Hermes said that financial expert, Hany Soleiman, will be Paytabs Egypt’s General Manager. Coming with 17 years experience in financial technology, business development, and strategic management, Soleiman also brings with him extensive experience in digital innovation and strategic alliances.
Walid Hassouna, CEO of EFG Hermes, said this partnership will support the market with a service platform enabling its clients to safely and effectively conduct their financial transactions. This is particularly important at a time when daily transactions have been severely disturbed by the ongoing pandemic. It would also be a means of bridging the gap in payment services at a time when the countries of the world are confronting the repercussions of the coronavirus.
He emphasised that the partnership aims to contribute effectively to preparing the Egyptian market for the adoption of non-cash payment systems. This comes in addition to supporting customers, consumers and merchants alike, in one-step buying and selling.
Abdul Aziz Al-Jouf, founder and CEO of Paytabs, said the partnership comes out of the two companies’ desire to achieve their vision of providing innovative payment solutions. They are also looking to enhance financial inclusion in Egypt, whilst providing an unprecedented employment experience for millions of consumers in the Egyptian market.
Paytabs Egypt intends to provide services to companies and commercial entities by providing many advanced means to accept payments such as the QR Code and electronic payment channels.