The partnership will contribute to the automation and digitization of the entire payment cycle to save time and reduce the various costs and efforts needed from grocers and small retailers in the country.

Last Monday, X-ERA Egypt, a leading provider of financial technology and logistics solutions in the Middle East, and Paymob, the leading financial services provider in the MENA-P region, announced a partnership agreement that aims to digitize B2B payments for tens of thousands of grocers and small retailers in Egypt.

"This cooperation aligns with X-ERA strategy to redevelop Egypt’s informal commercial market, by providing a package of diversified fintech tools and payment solutions to small grocers, corner shops, small and medium-sized merchants in different governorates throughout Egypt," said Mahmoud ELenani, CEO of X-ERA.

In Egypt, grocery stores represent 96.6% of the total outlets and account for 74% of overall sales in the food sector, according to data shared in January 2023 by BNP Paribas. With more than 116,000 grocery stores and stalls, this segment accounted for 73% of sales in 2021, or US$23 billion, according to the latest estimates from the USDA.

With the new partnership, Paymob's payment acceptance technology will now be integrated with X-ERA's fast-moving consumer goods (FMCG) ordering application, creating an end-to-end digital commerce solution for merchants who previously only had the option to pay for their goods with cash on delivery.

According to a joint statement from the two companies, the partnership will digitize the operation of grocers and small businesses and fuel their growth in the digital economy. Using Paymob's technology, X-ERA merchants will also be able to pay their utility and telecom bills to further digitize their operations.

Samira Njoya