Two e-commerce firms, Wasoko and MaxAB, have announced that they have signed preliminary merger terms to come together to drive the transformation of the continent’s informal retail sector.
They stated that the merger would have a collective customer base of over 450,000 merchants serving an estimated 65+ million consumers across eight African countries, including Egypt, Morocco, Kenya, Tanzania, Rwanda, Uganda, Zambia, and DR Congo.
In a statement, the Chief Executive Officer, MaxAB, Belal El-Megharbel, said, “This merger is the culmination of developing excellent teams, a lot of hard work over the years and a commitment to innovative solutions adding up to our unique offering to retailers.
“I am proud of what we have achieved as MaxAB, and even more excited for our future together with Wasoko. As a combined company, we can truly unlock the potential of Africa’s informal retail sector across a variety of technology-enabled services in e-commerce, fintech and logistics. As we embark on this new chapter, I am confident that the natural synergies between us will empower our customers and partners across the continent.”
Wasoko CEO, Daniel Yu, added, “As we embark on our next stage of expansion, our merger with MaxAB underscores our commitment to empowering businesses and connecting consumers across all parts of the African continent with an affordable and diverse range of essential products. We are excited to go further together on our shared vision, bolstered by complementary strengths while building the foundation for a remarkable partnership.”
