Latest news with #MaxAB
Zawya
21-05-2025
- Business
- Zawya
EFG Finance nods for MaxAB-Wasoko's acquisition of Fatura
Cairo: EFG Finance, an EFG Holding company, has approved MaxAB-Wasoko's acquisition of Fatura, its Egypt-based B2B e-marketplace, according to a press release. This acquisition marks a pivotal step in MaxAB's strategy to consolidate the B2B e-commerce and fintech space across Africa, according to a press release. Belal El-Megharbel, CEO of MaxAB-Wasoko, commented: 'By bringing together operational strength, product depth, and innovative fintech offerings, we're setting a new standard for retail across the region.' After integrating its features into the MaxAB-Wasoko platform, Fatura will be unified under the company's brand. Hence, retailers will access a broader, more comprehensive product assortment that meets all their needs. Founded in 2019 and acquired by EFG Holding's unit Tanmeyah in 2022, Fatura has reached 626 wholesalers in 16 cities Aladdin ElAfifi, CEO of EFG Finance, stated: 'Integrating Fatura will drive meaningful business growth, and our role as a significant shareholder and board member supported by EFG Holding reinforces our commitment to fostering innovation in the fintech space.' The integration is expected to drive topline growth and operational efficiency over the next 12–18 months. Meanwhile, in the near term, the Fatura marketplace is projected to contribute around 25% of MaxAB's Egypt revenue by the end of 2025, with strong momentum anticipated as the model is rolled out across the company's other African markets. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
20-05-2025
- Business
- Zawya
Egypt: EFG Finance greenlights Fatura's acquisition by MaxAB-Wasoko
Arab Finance: EFG Finance, the non-bank financial institution's arm of EFG Holding, has approved the acquisition of its business-to-business (B2B) platform Fatura by MaxAB-Wasoko, a regional e-commerce and supply chain super app. The transaction supports MaxAB's broader strategy to consolidate the B2B e-commerce and fintech space across Africa. Belal El-Megharbel, CEO of MaxAB-Wasoko, commented: 'The acquisition of Fatura is more than a growth play; it's the realization of our ambition to become the go-to, one-stop shop for retailers throughout Africa.' Fatura will integrate into the MaxAB-Wasoko platform and be unified under the company's brand, enabling the retailers to leverage a wider and more comprehensive product variety to meet all needs. The acquisition will accelerate MaxAB-Wasoko's pan-African expansion, with Fatura expected to contribute 25% of Egypt's revenue by year-end. The combined entity is rapidly expanding in fintech and e-commerce, already financing more than 9% of sales across Egypt and Morocco. Fatura's services have reached 626 wholesalers in 16 cities, which ensures greater flexibility and convenience for small and medium-sized retailers MaxAB's embedded financial services will unlock expanded credit access for purchases implemented through its merchant network. The integration is projected to drive significant topline growth and operational efficiency over the next 12–18 months. Aladdin ElAfifi, CEO of EFG Finance, stated: 'Integrating Fatura will drive meaningful business growth, and our role as a significant shareholder and board member supported by EFG Holding reinforces our commitment to fostering innovation in the fintech space.' Established in 2019 and acquired by EFG Holding's unit Tanmeyah in 2022, Fatura brings a scalable, asset-light marketplace model that perfectly complements MaxAB's end-to-end supply chain from procurement to last-mile delivery. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Tahya Masr
20-05-2025
- Business
- Tahya Masr
EFG Finance Approves Acquisition of Fatura by MaxAB-Wasoko, Accelerating Pan-African B2B and Fintech Services Rollout and Ambitious Expansion
EFG Finance, an EFG Holding company, proudly announces it has reached an agreement for MaxAB-Wasoko, the region's leading e-commerce and supply chain super app, to acquire Fatura, its Egypt-based B2B e-marketplace. This multifaceted partnership results in EFG Finance becoming a significant shareholder in MaxAB-Wasoko and securing a seat on its board . This acquisition marks a pivotal step in MaxAB's broader strategy to consolidate the B2B e-commerce and fintech space across Africa. Following last year's transformative merger with Wasoko, which expanded their footprint into Kenya, Rwanda, and Tanzania, MaxAB-Wasoko continues to execute on its vision to create a truly pan-African platform that delivers comprehensive, tech-enabled solutions tailored to local market needs. 'The acquisition of Fatura is more than a growth play; it's the realization of our ambition to become the go-to, one-stop-shop for retailers throughout Africa,' said Belal El-Megharbel, CEO of MaxAB-Wasoko . 'By bringing together operational strength, product depth, and innovative fintech offerings, we're setting a new standard for retail across the region.' With Fatura fully integrated into the MaxAB-Wasoko platform and unified under the company's brand, retailers will immediately benefit from a broader, more comprehensive product assortment, critical in a fragmented supply chain environment where no single distributor can meet all retailer needs. Fatura's impressive reach, having onboarded over 626 wholesalers in 16 cities (including five new cities for the platform, ensures greater flexibility and convenience for small and medium-sized retailers . Aladdin ElAfifi, CEO of EFG Finance, stated: 'We are thrilled to partner with MaxAB-Wasoko as they reshape the retail and supply chain sectors. Integrating Fatura will drive meaningful business growth, and our role as a significant shareholder and board member supported by EFG Holding reinforces our commitment to fostering innovation in the fintech space'. Additionally, MaxAB's embedded financial services will unlock expanded credit access for purchases made by its expanding merchant network. This innovative, tech-driven approach empowers retailers with the working capital needed to stock more, sell more, and grow their businesses sustainably. Fatura, founded in 2019 and acquired by Tanmeyah (an EFG Holding subsidiary) in 2022, brings a scalable, asset-light marketplace model that perfectly complements MaxAB's robust end-to-end supply chain from procurement to last-mile delivery. This combination unlocks access to a broader range of suppliers and products, delivering unmatched value through choice and convenience. The integration is expected to drive significant topline growth and operational efficiency over the next 12–18 months. In the near term, the Fatura marketplace is projected to contribute approximately 25% of MaxAB's Egypt revenue by year-end, with strong momentum and exponential growth anticipated as the model is rolled out across the company's other African markets . Since the merger of Wasoko and MaxAB, the combined entity has achieved remarkable growth across its fintech and e-commerce verticals. The company's fintech business has doubled in Egypt, expanded to Morocco, and now provides credit solutions that finance over 9% of e-commerce sales, underscoring strong demand from retailers for digital financial services. Operational enhancements and improved supplier terms have further strengthened the company's regional supply chain capabilities, setting the stage for scalable expansion. Together, MaxAB-Wasoko and EFG Finance are building the future of African retail an integrated, tech-enabled ecosystem that empowers retailers, improves supply chain efficiency, and propels economic growth across the continent.
Zawya
21-02-2025
- Business
- Zawya
85% of Egyptian SMEs adopt digital payments: Mastercard Confidence Index
Egypt - Small and medium-sized businesses in Egypt are quickly adopting digital payments to improve efficiency and financial stability, according to the latest Mastercard SME Confidence Index. The report shows that 85% of SMEs in Egypt now accept digital payments, moving away from cash to enhance security, simplify transactions, and build credibility. 'As digital transformation accelerates, SMEs are unlocking new opportunities through digital payments and financial inclusion. Their ability to adapt and grow in a rapidly evolving business landscape reflects the strength of an ecosystem that prioritizes access to finance, digital enablement, and sustainable growth,' said Dimitrios Dosis, president Eastern Europe, Middle East and Africa, Mastercard. Business owners say digital payments help them access funds faster, reduce fraud risks, and make it easier to pay suppliers and employees. Despite challenges like rising costs of goods and services, which 70% of SMEs identified as a major concern, many are investing in digital solutions to cut costs and improve productivity. About one in three SMEs plan to seek credit not just to stay afloat but to expand their businesses and strengthen their finances. Strategic partnerships are also key to business growth, with 45% of SMEs recognizing the value of working with private sector companies to access financial tools, technology, and market insights. To support this shift, Mastercard has teamed up with MaxAB, a major B2B marketplace in Egypt, to help businesses embrace digital payments. This partnership provides contactless payment solutions, reducing reliance on cash while improving security and efficiency. 'Mastercard is committed to supporting this transition by providing advanced payment technologies, strategic partnerships and tailored financial tools that empower SMEs to thrive in an increasingly digital economy,' said Adam Jones, division president, West Arabia, Mastercard. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
