Founded in Cairo in April 2021 by Marco, Axis (Axis Pay) is an Egyptian fintech firm operating under the regulation of the Central Bank of Egypt (CBE). It stands out as the country's only fintech company focused exclusively on mobile money, a space historically dominated by telecom operators.
Operating in a market where mobile money penetration stands at just 42 percent despite 94 percent smartphone ownership, Axis addresses a structural gap by serving Egypt's largely unbanked population. Within less than two and a half years of launching its digital wallet, the company grew into Egypt's leading non-telco provider, capturing a 10 percent market share of total processed volume and serving more than one million registered users.
Axis operates an integrated digital platform built on proprietary, locally developed technology, making it the only player in Egypt to develop both its issuing and acquiring platforms fully in-house. Its technology stack holds both Meeza digital certification and SOC 2 Type 2 certification.
For individual consumers, the Axis Wallet service, launched in 2023, offers free peer-to-peer transfers, low-cost cash-out fees, utility payments, and virtual Visa cards. On the B2B side, Axis Business provides disbursement services for platforms in sectors such as microfinance, e-commerce, and delivery, counting Erada Finance among its clients.
Speaking to Ahram Online, Marco said the pandemic fundamentally reshaped Egypt's digital payments landscape by accelerating financial inclusion and driving millions of underbanked consumers toward mobile financial services, building on reforms introduced by the CBE.
"COVID was one of the biggest catalysts for fintech in Egypt," he said. "Before the pandemic, there were around 15 million mobile wallet users. Today, that figure has reached about 50 million."
He said the pandemic accelerated consumer adoption of digital financial solutions after the CBE had already laid the regulatory groundwork for fintech innovation, electronic payments, and digital financial services.
According to Marco, greater awareness of mobile wallets and digital accounts has driven rapid market expansion since Axis Pay entered the market.
The company, which launched in 2021, has reached one million customers in less than two and a half years while significantly increasing transaction volumes.
Marco described Egypt as one of the region's most promising fintech markets, citing its population of around 110-115 million people, with roughly half under the age of 25.
He noted that despite the rapid expansion, the market remains significantly underpenetrated, with around 50 million mobile wallets serving an adult population estimated at 70-75 million, leaving considerable room for future growth.
Axis Pay aims to play a key role in accelerating the shift from cash-based transactions to digital payments, he added.
While the company's core business remains focused on retail consumers, it also provides business-to-business solutions that enable companies to disburse payments through mobile wallets.
Looking ahead, Marco said Axis Pay will remain focused on Egypt, targeting three million customers over the next two to three years.
To support that expansion, the company plans to double its nationwide branch network from around 25 to 50 branches over the next 12 months to strengthen customer access and support growing demand for digital financial services.
Egypt has made significant strides in expanding access to its formal financial system, driven by the CBE Financial Inclusion Strategy 2022–2025.
According to the CBE, the nation's financial inclusion rate rose to 79 percent by the end of June 2026, with 56.4 million citizens aged 15 and older holding active accounts across banks, Egypt Post, mobile wallets, and prepaid cards. This marks a steady upward trajectory from 77.6 percent at the end of 2025, 76.3 percent in June 2025, and 74.8 percent in December 2024.
Data from the CBE's Financial Inclusion Data Hub highlights a broader long-term transformation, showing that ownership and utilization of financial services surged by 229 percent between 2016 and 2026 as part of national efforts to accelerate the transition toward a digital, cashless economy.
Gender-focused inclusion initiatives have played a major role in this expansion. By the end of June 2026, the financial inclusion rate among Egyptian women reached 72.5 percent, up from 71.4 percent at the end of 2025 and a massive 327 percent increase from just 19.1 percent in 2016.
Women's growing involvement in the economy is also evident in support from the non-banking financial sector. During the first quarter of 2026, female entrepreneurs accounted for 53 percent (1.8 million) of all microfinance beneficiaries targeting micro and small enterprises.
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