With this expansion into the Middle East’s third-largest economy, the company aims to aid consumers to have a control on their spending, especially as they are plagued by rising living cost.
Tabby Egypt general manager Ahmed Khalil said: “We are excited to provide Egyptians with flexible and honest payment experiences with no interest and no fees.
“We are also delighted to be a growth partner for our retail partners by helping them tap into millions of active shoppers.”
The central bank’s figures show that Egypt’s annual core inflation rate grew to 15.6% in July, up from 14.6% in the previous month.
The BNPL model enables consumers to buy products online instantly and then have their payments split over instalments that are interest-free. This model has picked up pace since the Covid-19 pandemic began, and is driven by millennials and Generation Z, reported The National News.
Given the high inflation, the BNPL payment option is becoming popular across the world.
The company stated: “The app is building financial products designed to create financial freedom in the way people shop, earn and save by reshaping their relationship with money.”
“Built on trust, not interest, the app enables commerce while encouraging responsible spending by empowering its shoppers with more purchasing power.”
Among the existing players operating in this space include valU Consumer Finance, which partnered with Amazon in May to provide consumer financing in instalments as a payment method on latter’s shopping website.
Set up in 2017, valU is a completely owned subsidiary of Egypt-based EFG Hermes bank.