In Egypt, small businesses play a crucial role in the economy, accounting for 47% of the nation's GDP and accounting for over 75% of the total employment, according to the Micro, Small and Medium Enterprises Development Agency (MSMEDA).
But, many small businesses in Egypt still rely on cash payments, which can be inefficient and risky.
Axis, an Egyptian fintech startup, wants to address these challenges by providing small businesses with a secure and convenient way to make payments. That's why it has launched AxisPay, a digital payments platform aimed at small businesses in North Africa that offers a range of features, including mobile payments, online banking, and payroll processing.
The platform is currently in beta testing with over 100 small businesses and 5,000 employees, and a public launch is expected in the coming months.
Armed with a license from the Central Bank of Egypt (CBE) and an $8.25 million seed investment round led by Tiger Global, Sawari Ventures, and Raba, Axis aims to reach 5,000 small businesses and 80,000-100,000 employees by the end of the year.