Friday 13 Dec

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Homzmart, Paymob partner to digitize furniture sector


Homzmart, Paymob partner to digitize furniture sector

Homzmart, 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 Homzmart, 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%.