Dubai-based buy now, pay later platform Tabby has expanded into Egypt in an effort to tap into the country’s rising e-commerce sector by offering consumers interest-free, flexible payment options as the cost of living continues to rise.
Tabby’s expansion in the Arab world’s third-largest economy is aimed at helping Egyptians to stay in control of their spending and make the most out of their money, the company said on Tuesday.
“We are excited to provide Egyptians with flexible and honest payment experiences with no interest and no fees,” said Ahmed Khalil, general manager of Tabby Egypt.
“We are also delighted to be a growth partner for our retail partners by helping them tap into millions of active shoppers.”
Egypt's annual core inflation rate increased to 15.6 per cent in July, from 14.6 per cent in June, central bank figures show.
The BNPL business model, which allows consumers to make online purchases instantly and spread their payments out over interest-free instalments, has boomed since the onset of the Covid-19 pandemic, driven by millennials and Generation Z.
However, high inflation is also driving the popularity of the BNPL payment option globally, with consumers taking advantage of short-term financing to split payments and better manage their money.
“The app is building financial products designed to create financial freedom in the way people shop, earn and save by reshaping their relationship with money,” the company said.
“Built on trust, not interest, the app enables commerce while encouraging responsible spending by empowering its shoppers with more purchasing power.”
Egypt’s BNPL sector is projected to surge 132.8 per cent on an annual basis to reach $434.7 million in 2022, according to a report published by Research and Markets.
BNPL payment adoption in Egypt is expected to record a compound annual growth rate of 55.9 per cent between 2022 and 2028, while gross merchandise value is estimated to reach $6.23 billion by 2028, from $186.7m in 2021, the report said.
Existing BNPL players in Egypt include valU Consumer Finance, which teamed up with Amazon, the world’s biggest e-commerce company, in May to offer consumer financing in instalments as a payment method on amazon.eg.
ValU is a fully owned subsidiary of Egypt’s EFG Hermes bank and was established in 2017.
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Watch: Koshari, an affordable dish for millions of Egyptians, has risen in price
Tabby will allow consumers in Egypt to split their purchases into four interest-free payments at store checkouts, both online and offline, to track their spending, the company said.
With more than 2 million users, Tabby’s platform went live in the UAE in February 2020. It expanded to Saudi Arabia in July 2020.
Since then, it has since signed agreements with more than 3,000 global brands and small businesses in the UAE and Saudi Arabia, including H&M, Adidas, Nike, Ikea, Bloomingdale’s, Marks & Spencer, Swarovski and Toys R Us.
Last month, the company raised $150m in debt financing from New York-based Atalaya Capital Management and existing investor Partners for Growth to help fund its global expansion.
It also raised $54m from Sequoia Capital India and Saudi Arabia’s STV in March. Existing investors Mubadala Investment Company, Arbor Ventures and Global Founders Capital also participated in the company’s extended funding round, which began last year.
Global state-owned investor ranking by size
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
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Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
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Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Barbie
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Killing of Qassem Suleimani
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
