Mubasher – Abdullah Badir: Waleed Sadek, founder and CEO of PaySky, a company specialized in financial technology and electronic payment solutions, revealed that the company’s investments exceeded EGP 100 million in Egypt, pointing out that it aims to provide services to more than 20 million smartphone users in Egypt. Those who lack formal banking and financial services.
Sadek said in an interview with “Mubasher” that the Yalla Super App for payment services reached two million transactions through one million users within 8 months, with a transaction value of two billion pounds, noting that the application was launched in Egypt in February 2022 and then with a financial entity in The United Arab Emirates.
He added that the application provides a number of payment services in Egypt, including financial services, bill payment and electronic shopping, in addition to services for institutions and merchants that include services to enable them to collect payments, sell products electronically, and tools to pay salaries as well as pay suppliers, and also covers how to pay insurances and donations to charitable organizations.
Sadek indicated that entering the UAE market was the first step for expansion, due to the increasing demand for digital payment services in the Middle East region, stressing that the company plans to enter the Saudi market in the first quarter of next year, as it is one of the most developed markets in the field of financial services. Digital in the region, and then expanding in other markets for remittances, including the Pakistani market, which is considered one of the largest markets receiving remittances from the UAE and Saudi Arabia, so this is the fourth market that is being worked on at the present time.
Regarding the law regulating and developing the use of financial technology in non-banking financial activities, he said that the law is expected to contribute to expanding the base of customers and facilitating transactions, in addition to enhancing financial inclusion and the ability to complete transactions and transfers and their ease through means of communication from everywhere without cost, and raising Efficiency, capacity and increased banking transactions.
Sadek explained that the importance of financial technology services stands out in the state’s strategy to shift towards a digital and non-monetary economy, by achieving financial inclusion by working to target citizens who are not covered by banking services, and the financial technology sector includes a number of services such as payments that control about 47% of sector, as well as insurance services and financial management.
Regarding the risks and obstacles facing the financial technology sector, the company’s president stated that they are represented in the lack of financial awareness among the owners and managers of medium and small enterprises, and the culture of Egyptians that depends on cash payments, which leads to difficulty in reaching the segments of society that do not have banking transactions, especially Low-income segments due to lack of awareness of financial education, lack of clarity of laws and financial integration with banks, and 65% of citizens do not have bank accounts or credit cards, which affects the vision of entrepreneurs about the financial services sector.
Last February, Amr Talaat, Minister of Communications and Information Technology, witnessed the launch of the Yalla Super App, in cooperation between PaySky, Visa International, and the Egyptian Post.