Friday 29 Nov
Homezmart, Egypt’s leading online furniture platform, and Paymob, the leading financial services provider in the Middle East and North Africa, have announced the signing of a Memorandum of Understanding (MoU) to expand their strategic partnership. They aim to accelerate the digital transformation of the furniture trade in Egypt and explore growth opportunities in the Gulf Cooperation Council (GCC) countries.
The MoU provides furniture merchants with advanced payment solutions designed to enhance customer experience and increase sales. This collaboration also paves the way for Homezmart's expansion into the Gulf region, where Homezmart’s expertise as a specialized furniture e-marketplace is combined with Paymob’s secure and innovative digital payment technologies.
Gilan Shaaban, Head of Commercial
Operations at Paymob, said: “This MoU represents a significant milestone in our
partnership with Homezmart, as we work to digitize Egypt’s furniture sector and
empower merchants to meet the growing demand for flexible payment options,
including Buy Now Pay Later (BNPL) services, in addition to supporting their
expansion into international markets.”
Mohamed Shelby, Head of
Commercial Operations at Homezmart, said: “We've successfully transformed the
furniture shopping experience into a convenient digital one. By offering a wide
range of products and easy online purchasing, we're expanding the market and
making high-quality furniture accessible to a broader audience.”
While the digitalization of Egypt's furniture trade is still in its early stages, the increasing demand for online shopping and digital payment services presents significant growth potential. The Buy Now Pay Later (BNPL) market in Egypt is expected to grow by 39% in 2024 to reach US$1.26 billion, and is projected to double to US$3.96 billion by 2029, at a compound annual growth rate of 25.8%.
