Fintech Platform PayTabs Signs with EFG Hermes to Launch Cashless Payments in Egypt

Egypt seems to be inching closer and closer to a cashless future, with more services every day and increased willingness across the population, particularly in the wake of the COVID-19 outbreak. Egyptian finance titan EFG Hermes is expanding its place in the field, most recently signing with online payment platform PayTabs to set up PayTabs Egypt.

The new company, set to launch by the end of April, will offer digital payments, including one-click payments, QR codes and payment gateways. Users will be able to make purchases, collect money, and pay bills, with the goal of facilitating financial inclusion through remote, quick and seamless financial transactions.

“As the world grapples with the effects of COVID-19 on daily financial interactions at brick-and-mortar facilities,” says Walid Hassouna, CEO of EFG Hermes Finance and Group Head of Debt Capital Markets, “we feel like this partnership will bring to market a platform that will facilitate financial interactions safely, securely, and effectively all while closing the gap between the formal economy and the unbanked.”