MaxAB Payments, a subsidiary of MaxAB Digital Solutions, signed a cooperation protocol with Banque Misr, one of the most important and largest government banks in Egypt, to provide financial and non-financial solutions and products to MaxAB’s clients of micro and small enterprises.
The protocol was signed by Amr Demerdash, Head of the SMEs, Microfinance, and Islamic Finance Sector at Banque Misr, Ihab Dorra, Head of Retail Banking and Branches Sector at Banque Misr, and Belal EL-Megharbel, CEO and founding partner of MaxAB, in the presence of a number of the bank and company leaders.
Belal EL-Megharbel, CEO and founding partner of MaxAB said: “The cooperation protocol with Banque Misr comes in implementation of the company’s strategy to support its merchant partners in developing the volume of their business by providing non-traditional financial and banking solutions to them through Banque Misr. This step is a new beginning to achieve a larger goal, which is to help merchants grow their businesses.”
He added: “The partnership with Banque Misr gives us a new advantage, as MaxAB Payments Company receives financial transfers from various electronic wallets quickly and safely, which helps merchants to obtain cash easier, which, in turn leads to an acceleration of the capital cycle and thus the growth of the volume of operations. The partnership with Banque Misr is in line with the company’s policy of supporting the country’s continuous efforts in the field of digital transformation, which leads to a major transformation in the lives of merchants by using innovative technological solutions.”
MaxAB, an Egyptian company, was founded in 2018 as a startup in the field of digital solutions by Belal EL-Megharbel, who previously worked with Careem, and his partner, Mohamed Ben Halim, who worked for Aramex.
MaxAB is an e-commerce platform that aims to connect suppliers of consumer goods such as food and groceries with small retailers and shops in areas with poor service. The company has since expanded and diversified its services to include electronic payment services and some financial services.
The MaxAB Payments network provides many distinctive electronic payment services, including paying internet bills, landlines, mobile lines, and topping-up prepaid mobile lines, as well as donations for charitable organizations.
The company aims to re-engineer and build the food and grocery market using data-driven technologies and modern supply chains.
Using technology and with built-in transparency, the company helps small retailers get the best prices from suppliers and provides delivery service around the clock.
Forbes Middle East magazine ranked MaxAB among the 50 most powerful financing startups in the Middle East in 2021, after the company was able to raise funds amounting to $62.5 million at the time.
For his part, Ihab Dorra, head of the Retail Banking and Branches Sector at Banque Misr, said that cooperation with MaxAB aims to facilitate electronic payment operations for users.
He added that the partnership with MaxAB comes within the framework of Banque Misr’s adoption of the concept of digital transformation and innovation as a basic pillar upon which it relies in managing its business.
Dorra explained that the service provided by Banque Misr is based on technology to serve the requirements of customers, especially with the development of the use of mobile phones and computers – something that the bank has excelled in.
Dorra noted that, in 2022, Banque Misr achieved growth rates amounting to 91% in the total modes of electronic payments acceptance (points of sale by 79%, websites by 100% and QR code by 146%), with a total number of 440,000 points of sale and more than 2 million quick response code transactions. Banque Misr also concludes many agreements with startups and financial technology companies that encourage electronic payment solutions to enhance financial inclusion in all sectors and reach a cashless society.
Amr Demerdash, Head of the Small and Medium Enterprises and Microfinance Sector at Banque Misr, said: “This cooperation is a step to achieve Banque Misr’s strategy in supporting micro, small, and medium enterprises, which are a key pillar of the bank’s strategy, by providing all financial and non-financial services to meet their needs.”
The signing of this protocol comes within the framework of Banque Misr’s strategy aimed at supporting the provision of digital solutions for payments and supporting micro, small, and medium enterprises, in addition to making financing available to the owners of small and micro projects from the clients of MaxAB Company, according to the terms and conditions regulating that.
