Small and medium enterprises (SMEs) in Egypt will be able to access and set up a payment gateway free of charge for a three-month period in a move aimed to boost business activity while supporting small businesses impacted by the COVID-19 pandemic.
PayTabs Egypt, a joint venture between EFG Hermes and PayTabs, announced the offer to extend online payment and checkout solutions for free to SMEs that have endured financial challenges. The free three-month offer is available to any and all businesses that process approximately EGP 100,000 per month in online sales.
“We believe that this initiative will provide concrete support to SMEs facing an adverse operating environment since the onset of the pandemic,” said Hany Soliman, General Manager at PayTabs Egypt, which provides online merchants with innovative digital payment solutions.
“With Egyptian e-commerce activity expanding by more than 30 percent and receiving four-times more demand and inquiries than usual over the past six months, we envision our initiative supporting a rapid transition from traditional retail to e-commerce platforms.
In addition to supporting SMEs in Egypt, the initiative will accelerate the rapid ongoing shift from a traditional retail ecosystem centered on physical store locations towards greater e-commerce activity and presence – a shift that was further accelerated as a result of the COVID-19 outbreak across the world. The Egyptian government has similarly been taking steps to boost e-commerce and reduce the volume of cash transactions..
“Across the MENA region and in much of the world, the pandemic has had an outsized effect on SMEs,” said Walid Hassouna, CEO of EFG Hermes Finance.
“Smaller businesses have had a tougher time preserving their top lines and maintaining lines of communication with their customers. PayTabs Egypt’s initiative is an effort to relieve the pressure faced by Egyptian SMEs, which form the core component of the country’s private sector and wider economy.”
The offer is available to eligible SMEs from 1 October to 31 December 2020. All eligible SMEs will be able to access PayTabs Egypt’s payment solutions, allowing them to integrate their various cash inflows onto a single platform. The platform enables SMEs to instantly accept payment from a wide array of payment methods made available on their websites, mobile applications, social media and messaging platforms.
To learn more about this offer and how to apply, click here.