MENAP-leading Paymob, Chefaa to bolster pharma retail payments in Egypt

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Cairo – Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), teamed up with Egypt’s GPS-enabled digital pharmacy marketplace Chefaa to foster the digital transformation of pharmaceutical payments in the country.

The partnership will digitise pharmaceutical payments and secure online card payments as well as point of sale (POS) payments upon delivery, according to a press release.

Moreover, Chefaa customers can access various buy now, pay later (BNPL) payment methods through Paymob’s gateway, which helps lift the financial burden of up-front payment for medicine and healthcare products.

The collaboration will boost the adoption of digital payments in the healthcare sector, which in turn will benefit both customers and pharmacies. It will also allow smaller pharmacies to reach a wider customer base and increase sales.

Meanwhile, the Egyptian pharmaceutical market witnessed robust growth in 2022 and was valued at $3 billion. The market is forecast to continue its upward trajectory with a projected compound annual growth rate (CAGR) of more than 7% during the years from 2022 to 2027.

Gillan Shaaban, CCO of Paymob, noted: “We are thrilled to partner with Chefaa as we see a massive opportunity to fuel the growth of e-pharmacies and online medicine orders in Egypt via access to Paymob’s cutting-edge payment solutions.”

“The sector is ripe for innovation and our partnership with Chefaa will enhance customer experiences and drive digital adoption in the marketplace. It’s a win-win for the ecosystem,” Shaaban added.

Rasha Rady, COO and Co-Founder of Chefaa, stated: "By empowering patients with a digital payment solution that is designed with their unique needs in mind, we aim to ease patients’ worries, foster trust, and build lasting relationships based on compassion and support while leading innovation in our sector.”

Last March, Paymob joined forces with Arabic streaming platform Shahid to endorse video-on-demand services in the Egyptian market.