PayMint partners with EMX for payments infrastructure

Following this partnership, PayMint will offer solutions for improving the infrastructure of the Egypt’s Commodities Exchange (EMX) internal financial system. It will also maintain the government’s vision and plans to safeguard the small farmers and producers from the industry.

For this to happen, the company’s plan is to set up an e-platform that will provide and classify merchandise through a specialised and organised marked. This will allegedly boost a competitive feeling between small merchants, such as farmers and producers. The partnership shows PayMint and EMX’s plan that is focusing on expansion, but on growing the role and participation of startups in the Egyptian economy as well.

According to Mohamed Yehia, Deputy Chairman of PayMint, the economic development efforts of the country are promoted by startups companies too, as they introduce new solutions and have partnerships with other facilities that are more developed. The collaboration between PayMint and EMX reflects the ecosystem created by the government in order to grow and develop the careers of entrepreneurs.

The Egyptian Commodities Exchange Company was founded in 2020, and its shareholding structure includes commercial and investment banks, such as the Egyptian Exchange (EGX), the General Authority for Supply Commodities (GASC), the Internal Trade Development Authority (ITDA), the Egyptian Holding Company for Silos and Storage (EHCSS), Misr for Central Cleaning, Depository and Registry (MCDR), and Misr Insurance Holding Company (MIHC).

PayMint’s product offering for SMEs

PayMint is an Egypt-based company established in 2019. It offers services for small and medium-sized enterprises (SMEs), such as supplier payments, salary payments, working capital financing, cashless payments, payroll management, as well as providing their business merchants with fringe benefits for employees.

PayMint secured a seed funding earlier this year, and, according to a company’s superior, their plans include having a new funding round soon. This will boost its expansion scheme in the fintech and e-payment area and will give the company the opportunity to have new partnerships as well. 

The B2B digital payment market in Egypt

According to the most recent Statista data, the total transaction value in the digital payments segment in Egypt is projected to reach USD 13.54 billion in 2022. Total transaction value is expected to show an annual growth rate (CAGR 2022-2027) of 10.25% resulting in a projected total amount of USD 22.06 billion by 2027.

A report from Fintech Egypt showed that investments in the sector soared by over 300% in 2021 compared to the previous year. In the first half of 2022, fintech and fintech-enable investments have witnessed a 12-time high of almost USD 167 million in a total of 31 deals. In addition to that, 5 deals out of 31 with investments amounting to USD 10 million and more.