Cairo-based B2B e-commerce startup Capiter signed a cooperation agreement with QNB Alahli to provide easy financing to merchants on its platform.
Rasha Negm, Deputy Governor of the Central Bank of Egypt (CBE) for Financial Technology, said that the new partnership comes in line with the CBE’s 2019 strategy for financial technology and innovation.
It came during a press conference held by Capiter on Monday to announce the cooperation agreement.
Negm said that the CBE seeks to reach a cashless society and transform Egypt into a regional centre for financial technology in Africa and the Arab world.
Mohamed Bedir, CEO of QNB Alahli, said that Capiter is one of the most promising companies in Egypt that contributes to regulating the internal trade movement.
He pointed out that the Egyptian banking sector is currently witnessing a qualitative leap in banking technology solutions, which is reflected positively on the growth of companies’ business volumes and the increase in their profits within the framework of the state’s directives towards digital transformation and financial inclusion.
Bedir said that the total value of electronic collections during 2021 through QNB Alahli amounted to EGP 5.5bn.
Mahmoud Noah, the Co-Founder of Capiter, said that the company has been operating in Egypt for two years. The company aims to bridge the gap between merchants and manufacturers, he added, and digitise all merchant payments.
