MaxAB Payments, a division of the merged entity formed by B2B e-commerce platforms MaxAB and Wasoko, has announced a significant foray into Egypt’s burgeoning fintech sector. One year after the highly anticipated merger that aimed to create an African B2B powerhouse, MaxAB Payments is leveraging its extensive merchant network to launch a nationwide withdrawal and deposit service for all electronic wallets.
The move, unveiled this week, marks a strategic diversification for the company, initially known for its e-commerce operations serving informal retailers. Belal El-Megharbel, CEO and founder of MaxAB Payments, stated that the new service aims to provide crucial financial access across Egypt. “We are starting to offer withdrawal and deposit services for all electronic wallets in Egypt through MaxAB Payments merchant partners,” El-Megharbel explained. He projects a rapid expansion of service points, reaching approximately 150,000 locations across Egypt’s governorates by the end of 2025.
The service is touted as the first of its kind in Egypt, promising interoperability across all electronic wallets, including those affiliated with the country’s four major telecommunications companies. This universal access distinguishes MaxAB Payments from existing providers who often limit services to select wallets. “While some electronic payment providers offer withdrawal and deposit services for a limited number of wallets, MaxAB’s points of sale will provide the service to all electronic wallets across all governorates,” El-Megharbel emphasised.
This fintech pivot comes as the merged entity, now operating under a unified structure, refines its strategy to prioritise profitability and tap into higher-margin opportunities. Following the all-stock merger between Kenya’s Wasoko and Egypt’s MaxAB in December 2023, the combined organisation has been navigating a challenging investment climate for B2B e-commerce. While securing substantial backing from investors like Tiger Global and Silver Lake prior to the merger, the focus has shifted from chasing gross merchandise value (GMV) to achieving sustainable profitability per transaction.
Daniel Yu, co-CEO of the merged entity, has previously highlighted this strategic evolution. “We are moving from being standalone B2B e-commerce platforms to creating a multi-vertical ecosystem that better serves Africa’s informal retail sector,” Yu stated after the merger. Fintech services are now positioned as a key driver of this ecosystem, offering higher margins compared to traditional e-commerce.
MaxAB Payments’ new service is explicitly aligned with Egypt’s Vision 2030, a national strategy promoting digital financial solutions and broader financial inclusion. El-Megharbel underscored this connection, noting that the initiative is in cooperation with the Central Bank of Egypt, the Egyptian Banks Company, and Banque Misr, signaling regulatory support and established banking partnerships.
The company expects significant uptake, projecting a transaction volume of approximately 10 billion Egyptian pounds (roughly $207 million USD at current exchange rates) through the new service by the end of 2025. This ambition builds on the success of MaxAB Payments’ existing credit recharge service for merchants, launched in 2023, suggesting a growing appetite for digital financial services within its merchant network.
El-Megharbel argues that the widespread availability of withdrawal and deposit points through MaxAB Payments will significantly enhance financial inclusion, particularly for merchants. “The withdrawal and deposit service through MaxAB Payments Company’s merchants enhances the achievement of financial inclusion for a broad segment of society, ‘merchants,’ which facilitates the process of disbursing salaries and executing transfers faster and at a lower cost,” he explained.
However, the move into fintech is not without its challenges. Egypt’s electronic payments landscape, while rapidly expanding, is also becoming increasingly competitive. Existing players, including mobile network operators and established fintech firms, already offer various e-wallet services. MaxAB Payments will need to leverage its extensive merchant network and the promised universal wallet compatibility to carve out a significant market share.
Despite these challenges, MaxAB Payments’ entry into the Egyptian fintech market represents a bold and potentially transformative step for the merged entity. By capitalising on its existing infrastructure and merchant relationships, the company is aiming to become a key player in Egypt’s financial inclusion agenda while simultaneously driving its own profitability and diversifying beyond its e-commerce origins. The success of this venture will be closely watched as a bellwether for the post-merger strategy and the broader evolution of B2B e-commerce players in Africa seeking sustainable growth in a dynamic and competitive landscape.