Axis has obtained the licence from the Central Bank of Egypt (CBE) for its open-loop mobile wallet, offering a digital banking alternative for small businesses and their employees. By digitizing payroll, axis aims to help up to 8 million small and micro businesses send salaries to their 20 million employees and contractors instantly onto the AxisPay mobile wallet. With Axis, small businesses can streamline their payments to employees and suppliers digitally. They can send salaries, reimburse expenses, and offer 'earned wage advances' to their employees on the AxisPay mobile wallet. The team is made of experienced FinTech experts who are building a world-class digital payments platform for small businesses.

Source: Daily News Egypt May 19, 2023 14:41 UTC