The new service allows users to purchase and invest in gold, in amounts starting from 0.25 grams, by providing digital payment solutions.
The app is offered through PaySky’s service Yalla Super App.
The service comes as part of Yalla Super App's expansion strategy in the local market to provide a wide range of financial and non-financial services to financial institutions, merchants, companies and individuals.
Walid Sadik, founder and CEO of PaySky and Yalla Super App, said this partnership aims at improving and expanding the scope of financial services for customers beyond traditional solutions to provide financial services and alleviate the pressure on savings in the face of inflation.
He added that it also will help provide high-value solutions that work to elevate the financial technology ecosystem and enhance financial inclusion to meet customers' needs.
On his side, CEO of Dahab Masr Fadi Kamel, said they aim through this partnership to stimulate investment in gold throughout Egypt and the Middle East by making digital financial transactions easily accessible.
“This partnership will enable us to facilitate customers in making investment decisions that enable them to invest in gold with small amounts, emphasising that this is a direction that Dahab Masr is working on, to encourage all investors to keep their money and savings amidst the economic fluctuations that the world is currently experiencing,” he added.
Since the onset of the Russian-Ukrainian conflict last year, gold prices have been significantly fluctuating along with the elevating trade prices of the US dollar against the Egyptian pound, which has been depreciated by over 100 percent.
While the US dollar is currently maintaining its trading price below EGP 31, the price of gold has declined over the past few days for the first time since December with a contraction in demand in the local market.
As the Egyptian pound weakened against the dollar, gold prices in the Egyptian market reached its all-time high in December of EGP 1,800 per gramme of 21-carat gold. This has been mainly driven by the higher demand for gold as a safe haven for all classes amid the time of crises.