Cairo, Egypt – November 27, 2024: Paymob, the leading financial services enabler in MENA, and Homzmart, Egypt’s premier e-commerce platform for furniture, have signed a Memorandum of Understanding (MOU) to expand their strategic partnership, further accelerating the digital transformation of Egypt’s furniture retail sector while exploring growth opportunities in the UAE, Omand and KSA region.

Since partnering in 2021, the two companies have played a key role in modernizing Egypt’s furniture market, achieving a 29% year-on-year increase in digital payment volumes in the first half of 2024. By integrating Paymob’s digital payment solutions directly into Homzmart’s platform, merchants have gained access to multiple payment methods, enabling them to expand their customer base and boost sales.

The MOU strengthens the partnership between Paymob and Homzmart, equipping furniture merchants with advanced payment solutions aimed at enhancing customer experiences and driving sales. It lays the groundwork for joint regional expansion across the GCC, leveraging Homzmart's role as a leading online furniture marketplace and Paymob's secure, innovative payment solutions to foster seamless customer interactions. This collaboration supports Homzmart's mission to highlight local manufacturers and aligns with both companies' shared vision for regional growth, paving the way for new e-commerce innovations and expansion opportunities across the GCC.

Gillan Shaaban, CCO of Paymob stated: “This MOU marks an exciting new chapter in our longstanding partnership with Homzmart as we expand our vision for the digitization of Egypt’s furniture sector. With 70% of furniture sales still transacted in cash, we’re leading the shift to digital payments adoption, enabling merchants to meet customer demand for flexible options like BNPL and consumer finance, while creating new opportunities for joint regional expansion and cross-border success.”

Mohamed Shalaby, CCO of Homzmart stated: “Homzmart has seamlessly transitioned the furniture shopping experience to a digital platform that emphasizes ease, quality, and convenience. This approach has spurred a notable increase in online furniture purchases, allowing customers to browse an extensive selection of products from the comfort of their homes. With a focus on user-friendly design and accessibility, Homzmart is creating a more inclusive market, making quality furniture available to a broad spectrum of customers nationwide. This dedication not only elevates the customer experience but also establishes a new benchmark for digital furniture retail in the region.” 

The digitization of the furniture retail sector in Egypt remains largely untapped, with most transactions still taking place offline. Market research highlights increasing consumer demand for online shopping, driven by the convenience of digital payments. As the sector continues to modernize, the integration of digital payments and e-commerce platforms will be key drivers of growth. The BNPL market in Egypt is projected to grow by 39% in 2024, reaching US$1.26 billion, and is expected to hit US$3.96 billion by 2029, with a CAGR of 25.8%. The partnership will continue to enable merchants to capitalize on this growing demand, positioning them to capture market share and drive sustainable growth.