In a bold move to consolidate its footprint in the digital healthcare sector, Egypt-based Vezeeta has announced the launch of “Vezeeta Lab,” a new division aimed at expanding its service portfolio and exploring innovative healthcare and financial technology solutions in the Middle East and North Africa. This development comes in the wake of recent layoffs within the company as it works to streamline operations and intensify growth efforts across its core markets, including Egypt, Saudi Arabia, and the UAE.
The launch of Vezeeta Lab was revealed during a press conference at the Sultan Hussein Kamel Palace in Heliopolis, Cairo, in collaboration with Plug and Play. The lab is set to serve as a strategic hub for R&D, exploring new technologies to enhance healthcare delivery and expand Vezeeta’s offerings in the rapidly evolving healthtech space. The goal: to develop a broader ecosystem for healthcare solutions that integrates fintech, diagnostics, and digital healthcare services.
Vezeeta Lab has signed strategic agreements with Visa and NymCard to drive financial integration into its health services, a move that aims to simplify payment processes for users and healthcare providers alike. Visa, which has already established a regional presence, sees this partnership as an opportunity to deepen its commitment to digital transformation within healthcare.
Malak El Baba, Vice President and General Manager of Visa in Egypt, commented on the significance of this collaboration: “Our partnership with Vezeeta marks Visa’s first foray into healthcare in the region. By providing secure and seamless payment solutions, we aim to enhance the accessibility of healthcare services and improve the experience for both users and doctors. This aligns with our broader strategy to expand instant payments and simplify cross-border transfers.”
NymCard, a regional fintech provider, will be instrumental in launching a range of digital financial services through Vezeeta’s platform. According to Omar El Moataz, NymCard’s Regional Director for Egypt and Africa, the partnership is part of NymCard’s mission to transform financial services in healthcare. “Our digital financial solutions aim to improve the user experience while bolstering Vezeeta’s standing as a key player in the healthcare financial ecosystem,” said El Moataz.
The new payment systems will include digital wallets, instant payment solutions, and potentially more flexible financing options that cater to both patients and small and medium-sized healthcare providers.
Vezeeta’s fintech expansion aligns closely with the Egyptian government and the Central Bank of Egypt’s broader objectives for financial inclusion and a shift toward a cashless economy. By integrating fintech capabilities directly into healthcare, Vezeeta aims to contribute to these national efforts, while also adding value to its platform through the added convenience of seamless, cashless transactions for medical consultations and other services.
“Financial inclusion and digital transformation are at the core of our objectives with Vezeeta Lab,” said Shukri Asmar, Vezeeta’s Head of Corporate Development and the lead for Vezeeta Lab. “By leveraging partnerships with Visa and NymCard, we are poised to bring more financial flexibility to our users, addressing the unique challenges of both patients and healthcare providers in today’s economic landscape.”
Targeted Expansion Amid Strategic Restructuring
Vezeeta’s growth push follows a round of restructuring that saw approximately 10% of its workforce laid off in 2022. Sources within the industry have indicated that about 50 employees were affected, as Vezeeta streamlined operations to refocus resources on higher-growth areas like digital payments and diagnostics. Despite the layoffs, Vezeeta continues to employ around 500 people across its network, according to its LinkedIn page, and remains active in several key markets including Egypt, Saudi Arabia, Lebanon, Jordan, Kenya, and Nigeria.
The company’s decision to expand into fintech and diagnostics also reflects its response to mounting competition in the healthtech space. Vezeeta has positioned itself to capture a broader market by offering value-added services, such as VPay for digital payments and D-Circle, a solution tailored to healthcare providers. By providing these solutions, Vezeeta aims to make healthcare more accessible while enhancing its competitive edge across multiple countries in the MENA region and beyond.
Since its inception, Vezeeta has transformed how people across the Middle East access healthcare. The platform allows users to search, compare, and book appointments with verified doctors, offering a valuable layer of convenience and transparency. Vezeeta Lab now aims to take this digital convenience further by exploring diagnostic testing and other add-on services that have the potential to meet rising demands for accessible, quality healthcare.
Looking ahead, Vezeeta intends to deepen its penetration into existing markets while expanding into new ones, particularly in Saudi Arabia and the UAE, where demand for digital health solutions continues to surge. By aligning fintech and healthcare, Vezeeta’s new lab division aspires to deliver a seamless, integrated user experience and further its mission to make quality healthcare accessible to more people.
Vezeeta’s latest moves reflect a larger trend of tech-enabled companies in Egypt and across the region seeking to diversify and innovate amid economic headwinds. The company’s strategic alignment with fintech and diagnostic services speaks to a vision that goes beyond core booking services, potentially positioning it as a comprehensive healthcare solutions provider in a region where healthcare accessibility and affordability remain key issues.
As the landscape for digital health services continues to evolve, Vezeeta’s investments in Vezeeta Lab and its partnerships with industry leaders like Visa and NymCard place it at the forefront of healthcare and fintech innovation in the MENA region.