PayTabs expands in Egypt with majority stake acquisition

With the acquisition of full ownership of PayTabs Egypt, PayTabs aims to improve its market position and offer more tailored payment solutions to Egyptian merchants. The move aligns with PayTabs' long-term strategy of expanding its footprint in the region while supporting the country’s transition to a cashless society. By strengthening its operations in Egypt, PayTabs will be able to provide improved financial accessibility for local businesses, government initiatives, and consumers.

The acquisition allows PayTabs to focus on advancing its technology solutions, expanding its product offering, and creating more growth opportunities for Egyptian businesses. PayTabs remains committed to innovation, with a focus on customer-centric solutions designed to meet the evolving needs of the digital payments landscape.

Driving Egypt’s digital economy forwardAs part of its commitment to Egypt’s growing digital economy, PayTabs collaborates closely with regulators, stakeholders, and industry partners to help drive the nation’s transition toward a cashless economy. The acquisition allows PayTabs to focus even more on providing secure and simple payment solutions to businesses and consumers.

This acquisition comes amid ongoing speculation about PayTabs exploring IPO options shortly, highlighting the company’s growth trajectory and ambition to expand further on a global scale.

Egypt’s digital payments market

PayTabs operates in a highly competitive digital payments market in Egypt, where established players like Fawry, PayMob, and Amazon Payment Services dominate. Fawry, a publicly listed company, is one of Egypt’s largest fintech firms, offering a broad range of payment services, including bill payments, mobile wallet services, and ecommerce payment processing. With a vast network of over 250,000 service points, Fawry serves millions of consumers and businesses, giving it a foothold in the market. Fawry’s focus on digital financial services for underbanked communities and its strategic partnerships with banks and telecom providers have further strengthened its market position. This makes it a big competitor for PayTabs, particularly in the retail and bill payment segments.