Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), an Egypt-based unit of the ADX-listed FAB, has entered into a partnership with Drive Finance, a subsidiary of GB Capital owned by GB Corp.
This collaboration will witness the integration of Drive Finance with Access by FABMISR to enhance payment solutions for Drive Finance and expand FABMISR's footprint in the Egyptian market, according to a press release.
The partnership will also offer a range of payment solutions, including a user-friendly payment gateway for the website and mobile application. This is in addition to payment links optimised for social media platforms.
Shmais Fakhry, Head of Innovation, Service and Acquiring Business at FABMISR, commented: "This strategic partnership not only addresses the needs of the E-commerce acquiring market but also fortifies both entities' competitive advantages in providing state-of-the-art services and payment solutions."
Ahmed Ossama, the Managing Director at Drive Finance, said: “This collaboration with FABMISR promises to simplify payment transactions, effortlessly collecting monthly instalments from our customers, and ensuring a seamless and hassle-free payment experience.”
Through the joint deal, FABMISR expects substantial market positioning and returns, while Drive Finance is set to gain a powerful digital channel for collecting monthly instalments from its customers.
Earlier this month, the Egypt-based unit opened a new branch in Banha City to expand its local presence and offer advanced solutions relevant to the local community.
In 2023, the bank logged 131% year-on-year (YoY) higher net profits at EGP 10.40 billion.
