10 Top Fintech Startups in Egypt to Keep an Eye Onby Fintechnews Africa 7 March 2019
As one of the most populous countries in the Middle East topped with a large unbanked population Egypt is fertile for fintech to flourish. Recent report indicates that fintech is one of the fastest growing sector in Egypt.
As in stands Egypt’s fintech ecosystem consists of roughly 40 players including 16 startups, 9 financial institutions as well as incubators, hubs, investors and microfinance institution.
So who are the top fintech startups in Egypt?
As it still a relatively nascent market we feel it would be too pre-mature to say definitely these are the top players but we still feel it would be worthwhile to highlight 10 companies that has the right recipe towards being the top fintech startups in Egypt and beyond
7aweshly has developed a micro-saving mobile application tool for the youth. Its app helps users achieve financial targets and buy dream products through a micro-savings solution.
7aweshly aims to help the unbanked population who are outside the reach of banks due to age restrictions or other limitations. The company is based in Cairo.
Fawry is a e-payment network in Egypt, offering financial services to consumers and businesses through more than 90 thousand locations and a variety of channels. The company offers a convenient and reliable way to pay bills and other services in multiple channels including online, ATMs, mobile wallets and retail points.
Fawry’s network of retailers includes small groceries, pharmacies and stationaries, and post-offices. Fawry services for businesses include collection services, customer acquisition, electronic cash, payment facilitation, and B2B collection centers.
Vapulus is a digital payment hub serving individuals and businesses.
For individuals, the company provides a smartphone and tablet-based payment processor for any tender, anywhere. For merchants, it offers a seamless system that combines a free marketing platform with hardware-free contactless payments and a mobile point-of-sale (POS) interface. The Vapulus app can be linked to debit card, credit cards, or e-wallet accounts.
PayMe specializes in providing innovative payment solutions for both businesses and consumers in partnership with the National Bank of Egypt.
These services include PayMe Store, an online platform to receive online payments from customers without the need to a website, mobile app, upfront cost or any special contractual agreements, and PayMe Gate, an online payment gateway service for e-commerce websites, m-commerce apps and any platform that needs a native payment experience.
PayMob is an electronics payments solutions provider converting cash payments to electronic, using existing payment channels such as credit card, mobile wallet and cash.
The startup provides solutions for both sides of payment, issuance and acceptance, and develops white-labeled mobile wallet products for mobile network operators and banks.
PaySky is a next-generation, multi-channel payment solution that enables consumers and businesses to pay and get paid conveniently.
The company offers a complete range of payment acceptance solutions for face-to-face payments either in-store or card-on-delivery (CCOD) payments via different channels including POS, mPOS, and QR Code.
Money Fellows is a collaborative group lending and savings platform that allows users to set up “money circles” (Gam’eyat in Arabic) in a secure way.
Based on a user’s score, they are able to search and find a suitable money circle to join. Once the money circle starts, all users then pay a similar monthly installment for a defined number of months. Each month, one of the circle members receives the total money paid by everyone else until all members have received their payouts.
Shekra stands for Sharek Fekra and is a specialized crowdfunding platform in Egypt dedicated to bridging the gap between entrepreneurs and a wide spectrum of investors.
Launched in 2012, the platform works by asking its network of investors to provide small amounts of capital in order to fund a specific project or a startup, thus mitigating investment risk.
Yomken aims to leverage the wisdom of the crowd and give micro and small enterprises (MSEs) working in low-tech, informal manufacturing a boost. The site links them up with students, engineers, researchers and other sources of knowledge and skills, to help them solve the many challenges they face.
Yomken currently offers two main services: an open innovation platform, and a marketplace where innovators and creative people can post their innovative projects, patents and market researches to be linked with financial vehicles, as well as other collaborators and knowledgeable people.
Dopay provides a cloud-based payroll service that allows employers to calculate salaries and make payments electronically. Employees receive a DoPay card and access to the DoPay app, which give them a full banking experience.
The company has been working in partnership with Barclays to provide payroll services to several multinationals, embassies and local companies in Egypt and aim to expand into the largest unbanked regions of the world. Dopay has offices in London, Cairo and Ghana.
This article first appeared on fintechnews.ae.