The new platform is the result of the consolidation of the operations of Masary and Bee e-payment companies.
Basata Pay will capitalize on the Bee and Masary's point-of-sale machines which are widespread across Egypt, numbering over 160,000 and serving more than 30 clients nationwide.
Basata Pay has received financing from a group of investors, including Vodafone Egypt, the company's press release said.
Basata Financial Holding (Basata) is a partnership among B Investments, BPE Partners, and MM Group for Industry and International Trade (MTI).
The new platform's e-payment services include payment of bills and shopping at supermarkets and pharmacies, as well as cash deposits and withdrawals. The platform also enables companies to pay suppliers.
The Egyptian e-payment market has boomed in recent years, supported by the Central Bank of Egypt's (CBE) strategy for financial inclusion.
In December 2022, the CBE announced exemptions from fees and commissions for e-payment transactions for one year, ending on 31 December 2023.
According to a report by the CBE, between 2016 and 2022 Egypt's financial inclusion rates have improved by 147 percent.
In November 2022, the central bank launched its financial inclusion strategy for 2022-2025, which sets key objectives and priorities to develop financial inclusion in the country.
Short link: