Egypt fintech Axis a digital payments platform for small businesses, has launched its services axisPay mobile wallet, to help SMEs manage payroll process, according to a press release.
The company has obtained a license from the Central Bank of Egypt (CBE) for its open-loop mobile wallet, offering a digital banking alternative for small businesses and their employees. The new product has been launched in partnership with Visa, the world leader in digital payments.
This came after the startup received an $8.25 million seed investment co-led by Tiger Global, Sawari Ventures, and Raba, with participation from Firstminute Capital and RaliCap.
By digitizing payroll, axis aims to help up to 8 million small & micro businesses send salaries to their 20 million employees and contractors instantly onto the axisPay mobile wallet. With the mobile wallet, small businesses can streamline their payments to employees and suppliers digitally.
The service allows SMEs managers to send salaries, reimburse expenses, and offer ‘earned wage advances’ to their employees on the axisPay mobile wallet. They can also instantly pay their suppliers on any mobile wallet in Egypt.
Jacques Marco, axis Founder & CEO, said: “Small businesses are the backbone of the Egyptian economy, contributing to 80% of Egypt’s GDP. However, over 50% of these still don’t have access to banking services, and are therefore heavily cash-based, which impacts their ability to effectively manage and grow their business.”
Hany Al-Sonbaty, Managing Partner at Sawari Ventures, which is a leading Venture Capital fund backed by the largest banks in Egypt and one of the investors in Axis, said: “We strongly believe in Axis’ ability to drive financial inclusion and fuel economic growth. The team is made of experienced FinTech experts who are building a world-class digital payments platform for small businesses. We are exhilarated to be part of their journey and support their vision of empowering millions of small businesses in Egypt and beyond.”
Commenting on their partnership with Axis, Malak El Baba, Country Manager for Egypt at Visa, said: “At the heart of our strategy lies access. The concept of ‘access’ for all, regardless of geography, social status, or financial education, is a vital facet of who we are and what we do at Visa today. We’re enabling the movement of money for everyone, everywhere. Our partnership with Axis will allow customers to instantly access electronic payments, significantly improving the customer experience, while leveraging Visa’s secure global payments infrastructure and advanced fraud prevention capabilities.”
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