Amazon Payment Services has announced it will waive all fees for new micro, small, and medium enterprises (MSMEs) wishing to benefit from its services in Egypt.
The move aligns with the mission of the company, a payment processing service in the Middle East and North Africa (MENA) region, to provide businesses with simple, affordable, and trusted online payment experiences.
Supporting an initiative launched by the Central Bank of Egypt (CBE) to encourage the transition to digital payments in Egypt, Amazon Payment Services will waive all account setup and maintenance fees for MSMEs for its digital payment service.
The move will last throughout the month of Ramadan until the end of June 2021. Amazon Payment Services implemented the policy in tandem with its partner banks in Egypt, the Commercial International Bank (CIB) and Banque Misr, as well as Robusta and zVendo.
Commenting on the initiative, Omar Soudodi, Managing Director of Amazon Payment Services, said, “We are pleased to be supporting the CBE’s drive to help Egyptian businesses digitise and scale online.”
“At a time when many small businesses are facing unprecedented challenges in the face of restrictions and social distancing measures brought on by the novel coronavirus (COVID-19) pandemic, the importance of building their online presence has never been greater,” he said, “Enabling seamless, reliable and affordable digital transactions for MSMEs will help them to boost their revenue streams.”
The initiative is part of the CBE’s continued efforts to support the economy during the ongoing pandemic.
Ihab Dorra, Head of Retail and Branches at Banque Misr, said, “Our ongoing digitalisation initiatives have demonstrated huge success recently, as we achieved the highest growth rate in e-commerce and QR code transactions in Egypt during 2020.”
He added, “Our strategy includes a focus on fintech and we are looking forward to utilising our partnership with Amazon Payment Services to make facilitating payments even easier and will be offering our merchants some attractive benefits such as no setup fees or monthly fees, and exclusive rates for card and wallet payment.”
Dorra said that this comes in light of the bank’s strategic vision to facilitate payment transactions for Egyptian citizens, and in supporting the state efforts towards financial inclusion.
Mohamed Noaman, Head of Payment Acceptance at CIB Egypt, said, “One of the core objectives of CIB’s digital transformation agenda is to expand payment acceptance to cover a wide range of customers in the local market.”
He said that CIB’s Payment Acceptance team was able to enhance its payment solutions through various studies and surveys concentrating on e-commerce development, which were embedded into the bank’s strategic planning.
“We have also followed the various CBE initiatives, which have allowed the country’s financial institutions to maintain a high-value proposition while effectively supporting the digital ecosystem,” Noaman added.
Tarek Bakry, Founder and CEO at zVendo, said, “The e-commerce sector is currently one of the fastest growing sectors, with 300-500% witnessed growth, and that is why online selling has become a necessity and not merely a luxury anymore.”
He added, “Being a part of the CBE initiative will help us achieve our goal and passion of growing merchants’ businesses online by supporting retailers to digitise their business and to drive more sales with tailored e-commerce services and direct payments integrations with absolutely no technical knowledge required.”
Hussein Mohieldin, CEO at Robusta, said, “This is a great step towards financial inclusion and the growth of the e-commerce market, as Egypt has been steadily working towards digital transformation in line with the government’s 2030 strategy for a digital Egypt, and it comes as no surprise that initiatives like these, led by the CBE, are being taken to pave the way for more retailers to start adopting e-commerce as a channel.”