Following the news that Just2Pay, an Egypt-based Fintech that helps businesses manage payments by integrating payment services into SaaS platforms, has joined MV Builder II – our Venture Builder in partnership with USAID, we spoke with CEO and Co-Founder Ahmed Moneim to explore the story behind the platform.
The Fintech has forged partnerships with large prominent financial institutions including Kashier, and most recently with Taly – the digital arm of Banque du Caire in Egypt.
Ahmed shares what inspired the creation of Just2Pay, how it’s addressing the needs of Egyptian MSMEs, and its role in shaping the future of financial inclusion and digital transformation in the region.
Vision and Mission
- What inspired you to launch Just2Pay, and how does the platform align with MV Builder II’s mission of advancing financial inclusion?
Just2Pay was born out of a desire to address the challenges faced by Egyptian MSMEs in accessing essential financial technology. We observed that many small businesses were excluded from the digital economy due to the prohibitive cost of existing solutions, the complexity of integrating disparate systems, and a general lack of services tailored to their needs.
Just2Pay is fully aligned with MV Builder II’s mission to advance financial inclusion. We aim to empower underserved MSMEs by providing them with the tools and resources they need to participate in the digital economy, fostering business growth, and ultimately contributing to job creation and poverty reduction in Egypt.
Industry Insight
- What trends or gaps in the payment solutions market prompted you to design Just2Pay’s ecosystem?
Our research revealed several key trends and gaps in the payment solutions market:
- Cost: Existing solutions were often too expensive for MSMEs, particularly micro-enterprises with limited resources.
- Integration: Businesses had to rely on multiple platforms for various functions, leading to inefficiency and complexity.
- Focus: Many solutions catered primarily to larger enterprises, overlooking the specific needs of smaller businesses.
To address these challenges, we designed Just2Pay as a comprehensive ecosystem that integrates payment processing with essential business management tools like ERP, CRM, Cashier Management and e-commerce solutions. This integrated approach provides a single, affordable platform tailored to the unique requirements of Egyptian MSMEs.
Product Overview
- Just2Pay is more than just payments. Can you share more details on what else is integrated into the platform and how is it transforming the customer journey?
Just2Pay goes beyond payment processing by offering a comprehensive suite of integrated SaaS solutions, including:
- ERP System: This streamlines core business operations, encompassing accounting, inventory management, and financial reporting.
- CRM System: This empowers businesses to effectively manage customer relationships, track interactions, and personalize marketing efforts.
- E-commerce Platform: This enables businesses to establish an online presence and conduct e-commerce activities.
By integrating these functionalities into a single platform, Just2Pay simplifies the customer journey for MSMEs. It reduces complexity, enhances efficiency, and enables businesses to focus on growth and expansion.
Overcoming Challenges
- What were some of the key challenges you faced during the early stages of building Just2Pay, and how did you overcome them?
We faced several key challenges in the early stages of Just2Pay’s development:
- Establishing Trust: As a new market entrant, gaining the trust of MSMEs and building credibility was paramount.
- Securing Partnerships: Forming strategic partnerships with key stakeholders in the financial ecosystem was crucial for expanding our reach and capabilities.
- Navigating Regulations: Ensuring compliance with the evolving regulatory landscape for fintech operations in Egypt was essential.
To overcome these challenges, we prioritized building strong relationships with MSMEs, providing exceptional customer support, and demonstrating the tangible value of our platform through pilot programs and success stories.
Our commitment to empowering MSMEs attracted partnerships with leading banks, payment providers, and technology companies. We also worked closely with legal experts and regulatory bodies to ensure full compliance with all applicable laws and regulations.
Value Proposition
- In a competitive fintech landscape, what makes Just2Pay stand out, and how do you see your technology and product evolving?
Just2Pay differentiates itself through:
- Affordability: Our subscription fees are designed to be significantly more affordable than those of our competitors, ensuring accessibility for even the smallest businesses.
- Comprehensive Solution: We provide a truly integrated platform that addresses the full spectrum of digital business management needs for MSMEs.
- Localized Expertise: We possess a deep understanding of the Egyptian market, allowing us to tailor our solutions to the specific requirements of local MSMEs.
- Continuous Innovation: We are committed to ongoing research and development to enhance our platform with new features and capabilities, including AI-powered analytics, supply chain financing solutions, and advanced e-commerce tools.
Partnerships
- How do your existing collaborations and your new partnership with Kashier enhance the capabilities of Just2Pay, and what opportunities do they unlock for your users?
Our partnerships with Bank Misr, First Abu Dhabi Bank, Kashier, Giedea, Paytabs, Fawry and more are strategically important, enhancing Just2Pay’s capabilities in several ways:
- Expanded Payment Options: These integrations enable our merchants to accept a wider range of payment methods, including mobile wallets and various online payment options.
- Enhanced User Experience: These collaborations ensure a seamless and user-friendly payment experience for both merchants and their customers.
- New Opportunities: By partnering with leading fintech players, we can offer our users access to a broader range of financial services and opportunities, such as loyalty programs and potential access to micro-financing.
Impact on SMEs
- Your partnership with Kashier emphasizes empowering SMEs. Can you share a success story of how Just2Pay has positively impacted a small business, or any feedback you have received from businesses using the platform?
- Success Story: A 400 small store & startup companies saw a 10% to 30% increase in sales after implementing Just2Pay. The owners were able to accept online payments, manage inventory more efficiently, and track customer data to personalize marketing campaigns. They praised Just2Pay for its ease of use and affordability.
- Feedback: We consistently receive positive feedback from businesses using Just2Pay. They appreciate the platform’s user-friendliness, affordability, and comprehensive features. Many have reported significant improvements in efficiency, sales, and customer satisfaction. As a user-centric startup, we’re always open to taking all types of feedback from our customers onboard.
Speed and Innovation
- With a focus on agility and no-code technology, Just2Pay offers unique advantages. Can you share how this approach helps businesses adapt quickly in dynamic markets?
Our emphasis on agility and no-code technology empowers businesses to:
- Adapt Quickly: They can easily customize the platform to their specific needs without requiring in-depth coding knowledge.
- Launch New Services: They can quickly introduce new products or services to the market in response to evolving customer demands.
- Reduce Development Costs: They can save valuable time and resources by leveraging no-code tools for rapid development and deployment.
Support from Modus
- How will your partnership with Modus help you accelerate Just2Pay’s growth, and what strategic insights do you hope to gain from the partnership?
Modus’s expertise in scaling startups and their extensive network of investors will be instrumental in accelerating our growth trajectory. Their guidance will be invaluable in refining our business strategy, optimizing our operations, and securing funding for expansion.
We also anticipate gaining valuable strategic insights from Modus in areas such as market analysis, customer acquisition, and product development. Modus’ mentorship will be crucial for us in navigating the complexities of scaling a fintech in a dynamic market.
Future Outlook
- What’s next for Just2Pay in terms of expansion, innovation, or new features, and how do you plan to continue driving digital transformation in Egypt?
We have ambitious plans for Just2Pay’s future, including:
- Geographic Expansion: Reaching underserved MSMEs in rural areas of Egypt.
- Feature Innovation: Developing AI-powered analytics, supply chain financing solutions, and advanced e-commerce tools.
- Market Expansion: Expanding our services to other countries in the MENA region.
Just2Pay is dedicated to driving digital transformation in Egypt by empowering MSMEs with the tools and resources they need to thrive in the digital economy. We believe that fostering innovation and inclusivity will contribute to a more prosperous and equitable future for all Egyptians.
Connect with CEO and Co-Founder Ahmed Moneim and find out more about Just2Pay. Check out more details on MV Builder II – our USAID-partnered Venture Builder.
