axis has launched its digital payments platform for small businesses, in partnership with Visa, after obtaining the license from the Central Bank of Egypt (CBE), according to an emailed press release.
Through its axisPay mobile wallet, the company will offer a digital banking alternative for small businesses and their employees.
The open-loop mobile wallet will assist up to 8 million small and micro businesses send salaries instantly to their 20 million employees and contractors.
axisPay will also grant employees access to a range of financial services, including sending and requesting money from any mobile wallet in Egypt, paying bills, shopping online with a virtual Visa card, or scanning QR codes to pay in-person.
“Small businesses are the backbone of the Egyptian economy, contributing to 80% of Egypt’s GDP. However, over 50% of these still do not have access to banking services, and are therefore heavily cash based, which impacts their ability to effectively manage and grow their business,” Jacques Marco, axis Founder and CEO, said.
“axis wants to contribute to the government’s financial inclusion strategy by providing small businesses with a digital banking alternative to manage and grow their business. We are starting by digitizing payroll onto our CBE-approved mobile wallet, but we aim to become a one-stop digital banking platform for all small business needs including payments, acceptance, and lending,” Jacques added.