Axis

Egypt has been making strides in financial inclusion, aiming to provide accessible financial services to underserved populations and drive economic growth. With initiatives focused on digital banking, mobile wallets, and microfinance, the country is working to integrate millions into the formal economy and reduce reliance on cash. And Axis is a shining example of that.

Axis is a Cairo-based fintech startup with a mission to bring digital financial solutions to the unbanked and underbanked population in Egypt. In a country where cash transactions dominate and only half the population has access to formal banking services, Axis seeks to bridge the financial inclusion gap, aligning with Egypt’s national push for digital banking and financial inclusivity.

Their flagship product serves as a digital wallet solution aimed at streamlining financial transactions and promoting digital payment adoption, providing an alternative to traditional banking options.

Ahmed Ragab, the company CTO, says:

The idea for Axis emerged from a clear, pressing need. In Egypt, more than 50% of individuals and businesses are either unbanked or underbanked, which limits their access to formal financial services. Founders Jacques Marco and Ahmed Ragab, both with backgrounds in finance, recognized this gap and saw an opportunity to bring financial services to underserved populations. The Egyptian government’s vision for increased financial inclusion aligned perfectly with their mission, motivating them to take a leap of faith and build Axis.

In line with the national push for financial inclusion, they developed products that help individuals and businesses transition from cash-based practices to a digital ecosystem, thereby building financial habits that align with the country’s evolving regulatory environment.

As Ahmed puts it:

In a market where cash is king, we’re here to introduce a new way to pay, save, and manage finances digitally.

For individuals, Axis’s primary B2C offering is an interoperable mobile wallet functioning as a digital mini-bank account without the need for a physical card. It enables users to manage finances entirely online, offering services like bill payments, fund transfers, and virtual cards for online purchases. The product aims to provide a seamless financial experience to consumers without needing a traditional bank account.

For businesses, Axis provides a robust and versatile B2B platform that includes a web application and APIs that integrate with corporate systems, streamlining processes like vendor payments. These tools are designed to be industry-agnostic, enabling any business in need of payment processing to adopt Axis solutions seamlessly. It offers a payroll solution that allows employers to pay employees directly into their digital wallets, which can then be used for various transactions. This makes the product an attractive, plug-and-play option for various business needs.

says Ahmed.

Axis has found valuable support through partnerships, notably with Infobip. They use their SMS solution for essential communication needs, including authentication, transaction confirmations, and marketing outreach. Infobip’s infrastructure has proven invaluable as Axis scales, particularly in terms of customer reach and visibility into transaction confirmations, which are vital for building customer trust in a digital-only platform.

They have also been a part of Infobip Startup Tribe, a community offering support and networking for young tech companies. The startup credits they received through this program, allowed Axis to sustain its growth in its early stages, freeing up resources to develop other critical areas of the business. This partnership not only reduced their operational costs but also enabled more efficient customer communication and verification processes.

In Ahmed’s words:

The company’s relationship with Infobip highlights its collaborative approach to growth, focusing on building a supportive ecosystem to overcome initial challenges and streamline operations.

Although Axis has long-term ambitions to expand across Africa, the company is currently focused on solidifying its presence in Egypt. With an eye on growth, they are working to enhance their B2C and B2B products by exploring features such as physical cards for offline transactions. Additionally, Axis plans to improve visibility into transaction processing to better serve business clients.

Ahmed emphasizes that Axis is committed to a team-driven approach, with a belief in collective growth that mirrors the company’s progress. With its strong foundation and a growing customer base, they are well-positioned to drive significant change in Egypt’s financial ecosystem. And we are proud to support them