Kenya’s payments firm Cellulant, which operates across 19 African markets, has taken its business to the Egyptian market.
“With its collections and disbursement payment solutions, Cellulant will enable global and regional merchants operating in Egypt to easily manage their B2B and B2C payments seamlessly in-country and internationally,” the company said in a press statement.
Egypt’s payments sector has been notable lately, following new regulations supporting instant payments and the rise of fintech companies. These changes have challenged traditional banking and changed how people make payments.
According to the 2022 Mastercard New Payment Index, 88% of Egyptians have used emerging payment methods, and this trend is expected to grow. This shift in consumer behaviour pushes businesses to provide better payment options to meet customer demands. Per Akshay Grover, Cellulant’s group CEO, “Egypt is a strategic market for business growth in MENA. We’re excited to successfully secure these licences and solidify our operations in Egypt.”