valU, PayTabs Egypt ink partnership deal with Mazadat

ArabFinance: valU, a subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes) (HRHO), has signed a partnership agreement with PayTabs Egypt and Mazadat, according to an emailed press release on February 2^nd.

The agreement will enable Mazadats users to utilize the buy-now pay-later (BNPL) services provided by valU for C2C and B2C e-commerce, and process online payments via PayTabs Egypts payment gateway.

Under this partnership, customers of Mazadat will benefit from valUs financing plans and pay for products seamlessly via PayTabs payment gateway, through auctions or fixed-price listings.

This will help customers in fulfilling their lifestyle-oriented purchases and improving their shopping experience to be more affordable, sustainable, and accessible.

The agreement has been signed at valUs premises in the presence of Walid Hassouna, CEO of the Non-Bank Financial Institutions (NBFI) platform at EFG Hermes Holding and CEO of valU; General Manager of PayTabs Egypt Hany Soliman, and CEO and Founder of Mazadat Karim Badawi.

As we continue to expand our network of valued partners to enable our clients to live their desired lifestyles, we are extremely pleased to be partnering with the newly-launched Mazadat platform, MEAs first-of-its-kind auctions and e-commerce marketplace, to allow users to purchase and pay for goods in 6-to-60-month installments with no down payment, Hassouna commented.

This agreement marks our first move in the C2C e-commerce industry and comes at a key juncture with the rapid changes in consumers shopping habits, the online purchasing boon, and the ever-increasing adoption of technology in all areas of life, especially amid the COVID-19 pandemic, he added.

For his part, CEO and Founder of Mazadat Karim Badawi said: Mazadat is continuously working on providing our users with innovative and integrated solutions to deliver increased value and elevate their shopping experience. To this end, we are delighted to partner with EFG Hermes Holdings NBFI platform sister companies, valU and PayTabs Egypt, to grant our customers access to valUs premium financing solutions and a seamless online payment process through PayTabs Egypts payment gateway, enabling them to bid for and purchase products with ease through their mobile phones.

Meanwhile, General Manager of PayTabs Egypt Hany Soliman said: We are thrilled to be forming this partnership with Mazadat along with our sister company valU, as part of our ongoing efforts to widen the scope of our products and services. We always aim to offer unique and holistic solutions to our partners, while creating value for our clients. Through this collaboration, we will enable buyers to use our comprehensive online payment methods securely and effortlessly, as well as promote digital transactions as the future of cashless payment processes in Egypt.

Established in 2017, valU is the first-of-its-kind BNPL fintech platform in the Middle East and North Africa (MENA) region, offering a wide-range of plans, with more than 5,000 points of sale and over 300 websites.

PayTabs Egypt is a joint venture between the award-winning fintech provider PayTabs and EFG Hermes.

Launched in 2021, Mazadat is the first X2C online-offline auctioning and e-commerce marketplace in the Middle East Africa (MEA) region.