INTERVIEW: Financial inclusion on the rise in Egypt through expanding access to non-banking financial activities: PaySky’s CEO

Doaa A.Moneim , Thursday 2 Mar 2023

Egypt-based digital payment provider PaySky and Dahab Masr launched in February an online gold investment app called Yalla Invest that allows customers to purchase and invest in gold, in amounts starting from 0.25 grams, by providing digital payment solutions.

Waleed Sadek PaySky s CEO
Waleed Sadek PaySky s CEO


The local gold market has seen significant fluctuations for almost a year now as a result of the deprecation of the Egyptian pound, the unprecedented hikes in interest rates, and the exponential increase in the prices of the US dollar.  

Ahram Online interviewed Waleed Sadek, Founder & CEO of PaySky and its Yalla Super App, to discuss how this service could benefit the market amid the ongoing challenges and to touch upon the fintech market locally and its growth.

Ahram Online: How do you see the growth of the Fintech scene in Egypt?

Waleed Sadek: Fintech is by no means a new concept – it has been revolutionising the way we interact with finance since 1950 when credit cards were first introduced. By replacing physical cash, these groundbreaking products eliminated consumer reliance on cash notes and opened up limitless possibilities for money management today.

Over the last few years, Egypt has witnessed a surge in Fintech development that has revolutionised investment management and decision-making models of financial sectors. This emergence is leading to more venture capital funding throughout the country with startups taking centre stage. FinTech's continued growth signals an exciting future for investors everywhere.

Technology is revolutionizing the future of financial services worldwide, particularly in developing nations.

We are seeing a new wave of digital-friendly financial solutions that provide easier access to financial products for those who have been traditionally outside the realm of these important resources due to lack of funds or lagging infrastructure. These advancements offer hope for many individuals living unbanked and underbanked in countries around the world.

Fintech is a powerful tool that can be used to make everyday life more efficient and enjoyable. At Yalla Super App, we strive to use this technology in our approach so our customers have access to the services they need without having any difficulty.

Yalla Super App is revolutionising financial and non-financial services, having just achieved an unprecedented milestone of 1 million users executing over 3 million transactions with a value exceeding 3 billion Egyptian Pounds! In 8 short months since its launch, Yalla Super App has enabled more than one million Egyptians to experience the convenience of accessing all their needs in one place. Here's to empowering easier lives across the region.

AO: What are the key potentials the local market has that support the growth of non-banking services?

WS: Technology is transforming our world, and the financial sector has been substantially impacted by these advances. What was once considered small in its role now makes up an enormous part of our global economy – showcasing just how profound technological developments are for us all.

In Egypt, financial inclusion is on the rise with a focus to enrich people's lives through expanding access to non-banking financial activities.

This shift has been accelerated by the pandemic when contactless payments proved popular – e-commerce and E–wallets becoming increasingly available for real time account transfers. It marks an exciting period of positive change in Egyptian finance.

New opportunities have opened up the field of payments, and e-commerce is on an exciting path forward with global volumes soaring.

Fintechs and telecom companies are all competing to carve out a piece of this rapidly growing pie.

Over the past few years, PaySky has made exciting strides in Fintech innovation that are driving digital payment capabilities throughout the Middle East & Africa. By creating cutting-edge solutions for central banks, banks, operators, and more, to easily exchange funds securely between each other and customers alike, we are helping governments reach their ambitious 2030 vision of a cashless society.

AO: What are the key purposes behind launching the gold investment service through your Yalla Super App?

WS: Yalla Invest is the gateway for gold savings. As part of Yalla Super App's value proposition expansion strategy, you can start investing in gold from just 0.25 grams – making it easier than ever before for customers to put their small savings into tangible assets.

With our simple and secure process, all users will be able to shop with confidence knowing that they are using a digital payment solution tailored specifically towards them.

Yalla Invest is dedicated to bringing prosperity and well-being through its comprehensive services, empowering financial institutions, businesses, merchants, and individuals alike. Through this commitment, they create real positive change in our world – helping us all reach higher levels of economic growth and advancement.

By confirming PaySky's role in providing payment solutions, we're opening up a world of financial services for customers looking to invest beyond traditional gold investments. Helping alleviate the pressure on savings due to inflation, this could lead us closer towards achieving secure finances and promoting an electronic investment culture going forward.

We've set our sights high, aiming to bring innovative and valuable solutions that will develop the financial technology sphere. We look forward to offering a diverse combination of finance-related and non-financial services in one convenient location. This cutting-edge approach puts us firmly on the path toward shaping an exciting future for investments.

AO: Do you believe that this service can succeed amid the ongoing fluctuation gold prices witness?

WS: Gold is a timeless tool to protect wealth and safeguard against economic uncertainty. Its price has historically appreciated in times of financial instability, making it an invaluable asset for any portfolio looking to weather turbulent periods with confidence – especially at these uncertain times when markets are reacting strongly.

For half a century, investors have witnessed the power of gold against inflation; when stocks and other assets were declining due to surging prices in goods and services, gold sustained its purchasing power. To keep up with this trend while preserving value over long periods of time, Yalla Super App can be used as your one-stop tool for investing.

AO: Could you expand on your investment plan in the local market in 2023?

WS: PaySky is setting out on a mission to distribute financial services globally and make people’s lives easier by providing a complete ecosystem. Yalla is helping users to fulfill all their daily needs from a one-stop-shop.

At Yalla Super App, we are delighted to announce our expansion journey, commencing in the UAE this quarter. With the strategic entry into pivotal markets such as Saudi Arabia and Pakistan in the current year, we are confident of making a significant impact on remittance flows that influence these economies.


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