Paynas – a cloud platform that provides streamlined HR and payroll management – announced, on Monday, the launch of a new digital solution specifically designed to meet the needs of micro, small, and medium enterprises (MSMEs) and contractors in Egypt.
Paynas’ platform will provide HR management tools and flexible financial solutions to those employed in MSMEs.
The company announced that it partnered with Visa to issue a first of its kind card enabling MSMEs to end cash wages and empower their employees with financial tools. The Visa Paynas card is issued in partnership with Banque Misr, one of the biggest banks in Africa.
Malak El Baba, Visa’s Egypt Country Manager, said that Visa has always been committed to enhancing financial inclusion and supporting SMEs, and a partnership with Paynas falls in line with the company’s aim to develop the financial sector in Egypt and the region.
Akef El Maghraby, Banque Misr Vice Chairperson, said “Banque Misr is keen to partner with innovative startups that are accelerating our vision to promote financial inclusion, and provide key financial services that can boost the productivity of MSMEs in Egypt.”
“Paynas is a key player in the fintech scene in Egypt, making big strides in bridging the gap between the MSME segment and the financial sector, and we are excited to be part of their journey to success,” he added.
Mohamed Mounir, Paynas Founder and CEO, said, “Smaller companies face pervasively larger challenges in terms of workforce management, along with availing financial offerings and other benefits to their employees. We’ve designed a one-stop solution that holistically solves these challenges in one go, and have forged the right strategic partnerships that ensure our target market is effectively served. At Paynas, we’re committed to promoting a dynamic and well-served MSME segment by providing equality of access to finance and insurance, in line with the SDGs, a cornerstone of our mission.”