Wadi Degla Developments, a prominent real estate developer in Egypt, has entered a strategic partnership with Subsbase backed by Banque Misr, one of its key investors. Subsbase, a platform for managing recurring revenue and subscriptions. The collaboration aims to integrate receivables transactions into Wadi Degla Developments’ systems and facilitate overseas recurring payments as well. The partnership anticipates providing enhanced financial visibility, improved cash flow management, stronger customer relationships, and additional growth opportunities for Wadi Degla.
Raymond Ahdy, Deputy CEO of Wadi Degla Developments, stated, “This move represents a substantial shift in our internal practices, reaffirming our commitment to customers by facilitating processes aligned with today’s commercial realities.”
In a sector falling behind in adopting real-time payments, Wadi Degla’s initiative addresses challenges like delayed payments and late fees, common with the reliance on paper checks. Real estate companies have been slow to embrace modernized payment methods, with only about 1% engaging in real-time payments. Legal and IT challenges, along with costs, contribute to this hesitation.
Mohamed Farag, CEO of Subsbase, highlighted the impact of the partnership. “Our partnership with an industry leader such as Wadi Degla Developments is a major milestone. We’re excited to demonstrate how Subsbase addresses the challenges in the real estate industry.”
The partnership with Subsbase will introduce real-time payments, recognizing benefits in efficiency, cost savings, security, and a more convenient experience.
The incorporation of Subsbase’s payment systems becomes crucial amid Egypt’s shift towards a cashless economy. The partnership addresses the growing prevalence of digital payments, with services valued at EGP 7.8 trillion since 2019. Ahdy highlighted the strategic importance: “This facility allows us to leverage the growing prevalence of digital payments, streamline financial processes, and enhance the overall customer experience.
The cloud-based platform enhances the management of recurring payments, automating billing processes and managing customer payments with precision. This reduces business overhead, time savings, and improves operational effectiveness.
