To jointly enable young entrepreneurs to start and expand their businesses, Paymob and COLABS, Pakistan’s largest collaborative workspace, have signed a memorandum of understanding (MoU).
Paymob is the leading omnichannel payments gateway and financial technology enabler in the MENAP region.
The Middle East, North Africa, and Pakistan (MENAP) region’s customers can access the newest technology through Paymob, the region’s top financial services enabler.
The omnichannel platform gives SME merchants access to financial services that are not commonly offered in emerging economies, enabling them to manage and grow their businesses.
Paymob, the largest payments facilitator in North Africa with its headquarters in Cairo, Egypt, employs 1100 team members throughout MENAP.
In 2021, the company began operating in Pakistan. Islam Shawky, Alain El Hajj, and Mostafa Menessy launched Paymob in 2015.
To revolutionize the nature of work in Pakistan, COLABS is the country’s fastest-growing flexible workspace. It was carefully planned to support both individual growth and corporate expansion.
There are currently 1200+ members of the COLABS community spread over several Pakistani facilities. Today, COLABS has a network of more than 100 ecosystem partners across universities, VC funds, corporates, governments, and industry leaders.
Its community is made up of a mixture of independent contractors, start-ups, SMEs, and MNCs.
The partnership seeks to provide aspiring start-ups with specialized programs, direct access to payment methods via Paymob’s gateway and POS terminals, and access to pertinent information from co-branded workshops.
Fawad Abdul Kader, Paymob Country Head for Pakistan, commented on the agreement, saying, “This collaboration with COLABS would create a synergy to help digitize the payment demands of retailers. I think both parties will have an impact on Pakistan’s emerging start-ups’ payment ecosystem.
The co-founder and CEO of COLABS, Omar Shah, expressed his excitement about the partnership with Paymob. “We hope to facilitate the COLABS community by creating avenues for entrepreneurs to scale and strengthen their business models through in-depth workshops and networking sessions at our flagship in Lahore,” he said.
Through its gateway, POS, and Paymob app application, Paymob’s omnichannel payment infrastructure allows SMEs to accept digital payments online and in-person while also improving their access to financial services.
With over thirty different payment options, Paymob’s gateway has the most payment options available in Egypt. Paymob retailers can accept local schemes, mobile wallets, bank easy-payment plans, and Buy-Now Pay-Later (BNPL) choices in addition to traditional bank cards, all of which are designed to boost sales and transaction volume.
Through this diverse, interconnected ecosystem and its business initiative COGROW, COLABS makes it possible for domestic and foreign businesses to enter, launch, and flourish in the Pakistani market. Since their establishment, they have hosted more than 200,000 guests and over 250+ events to promote the Pakistani ecosystem.