MaxAB Payments, a subsidiary of MaxAB Digital Solutions, has signed a cooperation protocol with Banque Misr to provide financial and non-financial solutions 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 $62.5m at the time.