Paynas has launched a new platform that aims to provide digital solutions for micro, small, and medium enterprises (MSMEs) and contractors in Egypt.
The platform is designed to provide human resources management tools and financial solutions for MSMEs.
Paynas also issued banking cards, in partnership with Visa and Banque Misr, enabling MSMEs to eliminate cash wages.
The company said the platform was made in light of the growing demand for cashless payments and tailored management systems for salaries and wages, which is in line with the Egyptian government’s progressive tendency towards digital transformation.
Vice Chairman of Banque Misr Akef El-Maghraby said that Banque Misr is keen on partnering with innovative start-ups that are accelerating its vision to promote financial inclusion and providing key financial services that can boost the productivity of MSMEs in Egypt.
He added that Paynas is a key player in the fintech scene in Egypt, as it has made significant strides in bridging the gap between MSMEs and the financial sector.
Paynas Founder & CEO Mohamed Mounir said that smaller companies face pervasively larger challenges in terms of workforce management, along with availing financial offerings and other benefits to their employees.
“We’ve designed a one-stop solution that holistically solves these challenges in one go and have forged the right strategic partnerships that ensure our target market is effectively served. At Paynas, we’re committed to promoting a dynamic and well-served MSME segment by providing equality of access to finance and insurance, in line with the sustainable development goals — a cornerstone of our mission,” he expounded.
MSMEs are the driving force behind emerging economies, and they employ over 75 percent of the workforce and represent over 90 percent of all businesses in Egypt.
Despite the key role MSMEs play in the economy, they are at a severe disadvantage when it comes to access to tools and processes to increase their efficiency, and access to appropriate banking and financial offerings.