Mastercard collaborates with MaxAB to empower businesses in Egypt
November 29, 2023 | Cairo, Egypt
Cairo, Egypt; 29 November, 2023 – Mastercard and MaxAB, one of Egypt’s fastest-growing business-to-business (B2B) marketplaces catering to Egypt’s wholesale food and grocery industry, partnered to advance digitization and financial inclusion in the country. The two partners signed a memorandum of understanding (MoU) at the EDGE 2023 forum in Dubai.
The collaboration will equip MaxAB's network of 100,000 micro, small and medium enterprises (MSMEs) with innovative digital payment solutions, which will enable businesses to accept contactless payments from end consumers. Leveraging the tech-savvy nature of MaxAB's merchants, Mastercard’s acceptance solutions will not only digitize end-to-end process, but will further expand the platform’s reach into a wider base of MSMEs while eliminating cash handling, limiting reconciliation problems, mitigating fraud, and empowering merchants to growing their business.
“Through our partnership with Mastercard, we will introduce innovative financial services to our merchants, allowing them to seamlessly automate and digitize their payment cycles. Mastercard’s solutions will help us reduce manual operational processes and achieve scale at a much faster pace,” said Belal El-Megharbel, CEO, MaxAB.
“In today's digital world, B2B marketplaces must fulfill varying needs along the value chain and focus on sustaining growth while providing the best-in-class experience for businesses and consumers alike. Our partnership with MaxAB will further drive contactless acceptance solutions across the network and enable businesses to further expand and grow,” said Gaurang Shah, EVP, Products & Engineering, Eastern Europe, Middle East and Africa, Mastercard.
The agreement is the first in Egypt and aligns with Mastercard’s global strategy to bring 50 million MSMEs worldwide into the digital economy by 2025 and the recently reached milestone of providing 25 million women entrepreneurs with digital solutions that can help grow their businesses.
About Maxab
MaxAB is the fastest-growing B2B business in the retail industry in Egypt. Established in 2018 as an E-commerce platform allowing local underserved merchants and mom-and-pop shops in Egypt and Morocco to grow, increase their revenues, and enhance their own quality of life. MaxAB strives to empower retailers who want to maximize their revenues. In addition to its e-commerce services, MaxAB introduced MaxAB Payments in 2021. MaxAB Payments is a fintech service that enables local merchants to accept payments for various services that their end customers may require. This feature allows retailers to offer a more comprehensive shopping experience to their customers by facilitating secure and convenient payment transactions. Driven by our merchant-obsessed mindset and our sense of social responsibility, we are working our way to achieving sustainable development goals while creating a socially responsible business that makes the world a better place where everyone can be included.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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