PayTabs Egypt has teamed up with Souhoola to add a Buy Now Pay Later (BNPL) payment option and extend the range of online payment methods it is offering its merchants.
By making the Souhoola’s BNPL available for customers on e-commerce merchant’s payment pages, PayTabs Egypt said it is aiming to meet a growing demand to deliver more convenient payment choices. This partnership is also the latest in a string of strategic collaborations forged by the firm with local and regional brands, such as Paymes and mnGm.
Speaking on the deal, Karim Eyada, PayTabs Egypt’s General Manager, said, “By integrating Souhoola’s BNPL solution, we are not only addressing the buying habits and lifestyle choices of consumers but also providing our merchants with a competitive edge. This partnership aligns with our vision of fostering financial inclusion and supporting the growth of big commerce in Egypt.”
Growth of BNPL in the region
In Egypt, BNPL plans accelerated last year driven by high inflation and a rise in the cost of living. Among the developments, Buy-Now, Pay-Later (BNPL) platform valU came together with Egyptian start-up Sympl to allow its clients to pay for purchases using interest-free payment plans while the central bank adjusted the requirements for credit card applicants to allow them to borrow a larger percentage of their income than before.
While credit/debit card use is still the most prevalent payment method across ecommerce in the Middle East, a recent survey from online retail management company Uplo revealed that BNPL is continuing to grow in popularity, now accounting for more than 23% of ecommerce sales.
Further progress was made in Saudi Arabia where the Saudi Central Bank (SAMA) granted permits to both Spotii and Madfu, in May, to provide Buy Now Pay Later (BNPL) services. Then, in July it announced it was giving Tabby a license, bringing the total number of authorised companies offering BNPL solutions in the country to five.
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Image source: PayTabs
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