Chefaa and Paymob partner to digitize pharmaceutical payments in Egypt
EGYPT – Egyptian MedTech platform Chefaa has partnered with Cairo-based fintech startup Paymob on the digital transformation of pharmaceutical payments in the country.
Chefaa will leverage Paymob’s deep financial services expertise to digitize pharmaceutical payments, secure online card payments, and manage point-of-sale (POS) payments upon delivery.
Chefaa will utilize Paymob’s technological capabilities, network, and financial resources to offer its customers great deals on medicine and healthcare products.
The joint statement said: “Chefaa customers can access various buy now, pay later (BNPL) payment methods through Paymob’s gateway, which helps lift the financial burden of up-front payment for medicine and healthcare products.”
The strategic alliance brings together the two startups’ complementary capabilities to help lift the financial burden that up-front payment for medicine and healthcare products places on patients and their families.
Comparably, Chefaa teamed up with Fintech company Neqabty to help close the gap between syndicates and their members by automating their services and empowering them with various payment solutions via an accessible platform.
The Egypt-based company also signed a partnership agreement with Mersal to allow chronic patients to schedule, order, and refill their recurring medicines from pharmacies via its web or mobile apps.
The healthtech startup empowers over 900K people monthly to live healthier and happier and connects them with +1200 pharmacies to meet their pharmaceutical and non-pharmaceutical needs.
Consequently, the ambitious partnership between Chefaa and Paymob will boost the adoption of digital payments in the healthcare sector and fuel online orders.
The Egyptian startups aim to empower patients with a digital payment solution that is designed with their unique needs in mind as well as address medical shortages in the NENAP region.
On his part, Rasha Rady, Chief Commercial Officer (CCO) and Co-Founder of Chefaa, stated: “We seek to ease patients’ worries, foster trust, and build lasting relationships based on compassion and support while leading innovation in our sector.”
The partnership also brings a breathtakingly vast array of benefits to customers and pharmacies in Egypt, the Middle East, North Africa, and Pakistan.
Commenting on this collaboration, Gillan Shaaban, Chief Commercial Officer of Paymob, said: “We are thrilled to partner with Chefaa. We see it as a massive opportunity to fuel the growth of e-pharmacies and online medicine orders in Egypt via access to Paymob’s cutting-edge payment solutions.”
What’s more, the collaboration between Chefaa and Paymob comes as Egypt’s digital health business is seeing enormous development, proven progress, and important investments.
This agreement comes shortly after Paymob joined forces with Arabic streaming platform Shahid to endorse video-on-demand services in the Egyptian market.
Similarly, Paymob and Khazna, an Egyptian financial super app, linked up to expand access to digital financial services for merchants and consumers in Egypt.
Paymob is one of the leading financial services enablers in the Middle East, North Africa, and Pakistan (MENAP).
Its omnichannel gateway offers more than 40 payment methods and empowers over 170,000 small and medium-sized enterprises (SMEs).
Paymob aims to manage and scale SMEs’ businesses by giving them access to financial services not readily available in emerging markets.
The Egyptian pharmaceutical market size is expected to grow at a projected compound annual growth rate (CAGR) of more than 7% during the years 2022 – 2027.
According to Pharmaconex, the Egyptian pharmaceutical market is the second largest in the Middle East and Africa (MEA) region.
The key segments of the Egyptian pharmaceutical market are generic drugs, biologics, biosimilars, and over-the-counter (OTC) medicines.
The latest startup-startup partnership is predicated to contribute to the fast-growing pharmaceutical market, which was valued at US$3 billion in 2022.
“The Egyptian healthcare sector is ripe for innovation. Our partnership with Chefaa will enhance customer experiences and drive digital adoption in the marketplace. It’s a win-win for the ecosystem,” outlined Paymob COO.
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