EFG Hermes Finance signs partnership with Universal Group to create bespoke e-commerce platform
EFG Hermes, the leading financial services corporation in frontier emerging markets (FEM), announced that its NBFI platform has signed a partnership with Universal Group to launch a bespoke e-commerce platform that will allow the home appliance manufacturer to serve customers directly.
EFG Hermes subsidiary PayTabs Egypt will process payments on the platform, while subsidiary valU will bring to the table consumer financing facilities providing convenient payment plans for Universal Group’s customer base. EFG EV Fintech startup
Business Boomers, a leading e-commerce enabler across Egypt and the MENA region, will implement Universal Group’s e-commerce online store on its zVendo.com platform.
“Signing this partnership today with Universal Group is a key milestone in our journey to develop a full-fledged non-bank financial services ecosystem that leverages the synergies inherent in our business model throughout the group,” said EFG Hermes Finance CEO and Head of Debt Capital Markets Walid Hassouna.
“We could not imagine a better partner to work with to bring to market the kind of tailored, unique solutions that take advantage of the full breadth of our service offering and drive value for our client base.” he added
The venture is the latest plank in EFG Hermes’ strategy to promote increased cross-selling and synergies across the Group, capitalizing on its unique vantage points to offer clients a comprehensive set of financial solutions to help them meet their growth objectives.
In January, EFG Hermes Finance announced a partnership between valU and EFG Hermes Corp-Solutions, the Group’s leasing and factoring arm, to provide valU merchants with immediate access to financing.
“We are thrilled to be working with EFG Hermes to bring to life this next chapter in our growth story as we work to enhance our service offering and engage directly with our customers,” said Dr. Engineer Yousry Kotb, Group Chairman and CEO of Universal. “As a leading financial services provider, we are confident that EFG Hermes Financewill give us exactly the tools we need to herald in this new stage in our business.”
“It is an honor to be part of this unique collaboration between EFG Hermes platform companies to partner with Universal Group in their digital transformation journey and to support them in their shift to market directly to consumers through a new online store built on our zVendo.com e-commerce platform — a market leader in Egypt and the wider MENA region,” added Business Boomers CEO Tarek Bakry.
Despite a slump caused by the onset of the COVID-19 pandemic, Egypt’s economic prospects remain stronger than its regional peers’ thanks in part to an uptick in domestic consumption and strong consumer spending in the retail space.
At the same time, demand for alternative financing combined with swift, efficient digital solutions is at an all-time high — a timely nexus of opportunity that will allow EFG Hermes and Universal Group to capitalize on the unique offerings they bring to the table to provide competitive solutions in Egypt’s promising retail space.
