Egyptian entrepreneurs launch country’s first ‘buy now, pay later’ service

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Renowned Egyptian fintech entrepreneurs launched “Sympl,” a new, first-of-its kind service in Egypt, enabling customers to shop and pay later, with no interest, according to a press release.

As Egypt’s first ‘Save Your Money, Pay Later’ platform for customers, Sympl ensures hassle-free payment solution for customers, the release said.

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It can be used by merchants, who can buy interest-free goods with short term repayment plans.

This includes an array of goods sold across multiple product and service categories, including fashion, jewelry, household appliances, and many others.

“We are delighted to count on key partnerships with major retailers as we launch the Sympl checkout platform, said Sympl co-founder and CEO Mohamed El-Feky.

“[We] look forward to growing our presence among other local merchants, while simplifying the buying process for customers, especially in underserved segments left behind by traditional pay later offerings,” he added.

Sympl was co-founded by Yasmine Mohmed Henna, who is the chief commercial officer, and Karim Tawfik, who serves as its chief technology officer.

El-Feky also co-created EFG Hermes’ Egyptian consumer finance app valU, Bloomberg reported on Saturday.

According to the press release, Sympl already secured key partnerships with major retailers in the country, including Egypt’s Apple-authorized reseller Tradeline, mega hypermarket Hyperone, authorized Sony-Playstation reseller XPRS, and leading auto parts online store Your Parts.

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