Small businesses are responsible for a substantial 47% contribution to Egypt’s GDP and employing over 75% of its workforce, according to the Micro, Small and Medium Enterprises Development Agency (MSMEDA).
Despite their significant role, many small businesses in Egypt still rely on cash payments, which come with inherent inefficiencies and risks. To address this challenge, Egyptian fintech startup Axis has introduced AxisPay—a pioneering digital payments platform designed specifically for small businesses across North Africa.
AxisPay revolutionizes the business landscape by providing an array of features, including mobile payments, online banking, and streamlined payroll processing. Currently undergoing beta testing with over 100 small businesses and 5,000 employees, the platform is on track for a public launch in the near future.
With a seal of approval from the Central Bank of Egypt (CBE) and a notable $8.25 million seed investment led by Tiger Global, Sawari Ventures, and Raba, Axis is set to make a significant impact. By the end of the year, the company aims to onboard 5,000 small businesses, directly benefiting an estimated workforce of 80,000 to 100,000 employees.
AxisPay’s introduction signals a transformative shift for Egyptian small businesses, empowering them with secure and efficient digital payment solutions. This advancement promises to enhance operational efficiency, foster growth, and contribute to the overall economic development of the nation.