Leveraging Geidea’s network of merchants in Egypt, the partnership will allow ValU to expand its customer and merchant bases, while stimulating the BNPL player’s efforts to support nationwide financial inclusion through the integration of key financial solutions under one roof.
Cairo: valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, announced today that it has formed a partnership with Geidea, a Saudi-based digital payment provider, to integrate the company’s seamless and intuitive payment aggregation solutions into in the value ecosystem.
The collaboration will drive the growth of the BNPL player’s retail dealers, while enabling Geidea to expand its current services and solutions with valU’s comprehensive financing services and engage with new merchants in the BNPL player’s network.
Ahmed Hashem, ValU’s Chief Commercial Officercommented: “Our successful partnership with Geidea underscores valU’s commitment to creating long-term value for the people who rely on our technology-enabled financial services every day. The synergies between valU and Geidea were evident from the start, and our values and goals are very much aligned. Together we aim to support the people in our communities to grow their businesses and simplify their day-to-day transactions, while contributing to the inclusion of the unbanked and underserved segments of both consumers and suppliers.Through continued partnerships like this, we look forward to playing an even bigger role in the fintech space and have a deeper impact on people and businesses by delivering solutions that are intuitive, accessible and affordable.”
Geidea, which since its launch in 2008 has expanded into Egypt and the United Arab Emirates, is a leading payment service provider offering digital banking technology, Point-of-Sale (POS) terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce . The landmark partnership with a leading regional payments player like Geidea falls directly in line with valU’s strategy to build a powerful and innovative fintech ecosystem of businesses that work seamlessly together to provide customers with end-to-end digital financial solutions at every point of their personal growth or phase of their business cycle.
Also comments on the partnership Ahmed Nader, country manager at Geidea“We are pleased to enhance Geidea’s offering in Egypt through this successful partnership with valU. Both companies are aligned in working to achieve financial inclusion by building innovative and impactful fintech solutions for both consumers and businesses. leveraging valU’s strong brand name and comprehensive offerings in the BNPL space, the partnership will strengthen our offering by offering a range of payment solutions to merchants, further driving the growth of small businesses in our network by giving their customers access to the products and services they need quickly and seamlessly through a user-friendly platform.”
Ahmed Magdy, Geidea’s commercial director, added: “We are very proud to partner with valU on our journey to expand our service offering and footprint. With the Egyptian retail market being one of the largest in the region, this partnership is a cornerstone of our growth story and central to our strategy to provide customers with innovative yet reliable solutions for all their electronic transaction needs. As an impact-driven organization, Geidea’s ultimate goal is to provide a rich experience for users, merchants and institutions in our network, while aligning our mission with the Egyptian government’s transition to a cashless, inclusive society.”
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About valU
A subsidiary of EFG Hermes Holding established in 2017, ValU is the leading Buy-Now, Pay-Later (BNPL) lifestyle enabling fintech platform offering convenient and customizable financing plans of up to 60 months. With more than 5,000 points of sale and over 550 websites, valU offers access to a wide network of retail and e-commerce suppliers across a diverse range of categories including home appliances, electronics, home finishing, furniture, residential solar solutions, healthcare, education , travel and fashion, among other things. As the first platform of its kind in the MENA region, valU customers can receive instant credit decisions through their devices and access the platform’s ever-growing partners.
For further information, please contact:
The EFG Hermes Holding PR team
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May El Gammal
Group Chief Marketing & Communications Officer at EFG Hermes Holding
[email protected]
About Geidea
Geidea is a leading fintech and payment solutions provider founded in Saudi Arabia and rapidly expanding across the region with operations in the UAE and Egypt, targeting an additional 7 countries over the next 2 years, serving both financial institutions and small and medium-sized enterprises.
Founded in 2008 by Saudi entrepreneur Abdullah Faisal Al-Othman, the company believes that the latest payment and commerce technology should be accessible, affordable and intuitive for everyone. The company continues to focus on its mission to provide merchants with the tools to start, manage and grow their business, which is at the heart of what Geidea does.
Geidea has become the first non-banking entity in the Kingdom to obtain an acquisition license from the Saudi Central Bank “SAMA” to offer financial services directly to merchants, small and medium-sized enterprises.
Geidea now has more than 2,000 employees across all offices, with over 150,000 salespeople, and supports more than 700,000 terminals in the Kingdom with a 75% market share. The company is proud to say that it is the largest fintech company in Saudi and is ranked as one of the top 25 fintech companies in the Middle East by Forbes. www.Geidea.net/Egypt
Note on forward-looking statements
In this press release, EFG Hermes Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic goals, growth opportunities and business prospects. These forward-looking statements are not historical facts, but instead represent only EFG Hermes Holdings’ belief about future events, many of which are inherently uncertain and beyond management’s control and include, among other things, volatility in the financial markets; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
