Sahl is an Egyptian fintech company founded in 2020 by Abdullah Assal, Ibrahim Assal, and Ahmed Othman. The company specializes in mobile bill payment solutions, enabling users to recharge prepaid cards and pay for various services, including electricity, gas, water, and telecom, using Near Field Communication (NFC) technology. Sahl's mission is to simplify utility payments and enhance financial accessibility for consumers.
Key Strategic Focus
Sahl aims to become a comprehensive financial services provider by offering a one-stop platform for household bill payments in collaboration with government entities. The company's strategic objectives include capturing a significant portion of the EGP 250 billion annual collections on behalf of utility companies and expanding its regional footprint beyond Egypt. Sahl plans to establish offices in Saudi Arabia and strengthen its position in the Middle East.
Financials and Funding
In June 2024, Sahl secured $6 million in combined Series A and seed funding. The Series A round was led by Ayady for Investment and Development, with participation from existing investors Egypt Pay, Delta Electronic Systems, and E-Finance. The capital is intended to refine and develop new offerings, prioritizing a frictionless, time-saving, and secure user experience.
Technological Platform and Innovation
Sahl leverages NFC technology to enable users to charge prepaid electricity cards directly from their smartphones, eliminating the need to visit physical locations. This innovation enhances convenience and efficiency in utility payments. Additionally, Sahl has developed B2B products, including a Services Gateway that aggregates bill payment services for other payment processors and a payment acceptance solution for businesses, thereby fostering a more interconnected financial ecosystem.
Leadership Team
- Abdullah Assal: Co-Founder and Chief Executive Officer.
- Ibrahim Assal: Co-Founder and Chief Technology Officer.
- Ahmed Othman: Co-Founder and Chief Product Officer.
- Basel Daw: Chief Financial Officer.
The leadership team brings a wealth of experience in fintech and technology, driving Sahl's mission to revolutionize bill payments in Egypt.
Competitor Profile
Market Insights and Dynamics: Egypt's digital payments sector is valued at approximately EGP 2.5 trillion, with utility payments accounting for EGP 250 billion annually. The market is experiencing rapid growth, driven by increasing smartphone penetration and a shift towards cashless transactions.
Competitor Analysis: Key competitors in the Egyptian fintech space include:
- Fawry: A payment service available through banks and a nationwide network of retailers and Egypt Post offices.
- Paymob: A payment service provider and aggregator empowering businesses to accept payments across various channels.
- AMAN: A fintech company aiming to become a leading provider in the region, envisioning an ultimate Egyptian cashless society.
These competitors focus on various aspects of digital payments, from merchant services to consumer bill payments, contributing to a dynamic and competitive landscape.
Strategic Collaborations and Partnerships
Sahl has established direct integrations with several government entities, allowing users to access services from the Egyptian Electricity Holding Co. (EEHC), the New Urban Communities Authority (NUCA) for water, all telecom operators (Vodafone, WE, Orange, and Etisalat), Petrotrade for gas, and Cable Network Egypt for TV subscriptions. These partnerships enhance Sahl's service offerings and market reach.
Operational Insights
Sahl's strategic considerations include differentiating itself through the use of NFC technology for prepaid card recharging, offering a seamless and secure user experience. By expanding into B2B services, Sahl aims to diversify its revenue streams and strengthen its position in the fintech ecosystem.
Strategic Opportunities and Future Directions
Sahl's roadmap includes regional expansion into Saudi Arabia and other Middle Eastern markets, leveraging its technological platform to capture a larger share of the digital payments sector. The company's focus on strategic partnerships and continuous innovation positions it to capitalize on the growing demand for digital financial services in the region.
Contact Information
- Website: www.sahlpay.app
- Headquarters: Giza, Egypt
