In a groundbreaking move set to reshape the African e-commerce landscape, Wasoko and MaxAB, two prominent B2B giants, have unveiled plans for a strategic merger.
This alliance is poised to create a powerhouse in the continent’s informal retail sector, with an extensive reach spanning over 450,000 merchants across eight countries.
What we know
Formerly known as Sokowatch, Wasoko has been a trailblazer in the Kenyan market, fundamentally changing the way small businesses manage their inventory and replenish stock. The innovative mobile app introduced by Wasoko allows merchants to place orders at their convenience, receiving free same-day delivery and streamlining their operations for enhanced efficiency.
MaxAB, on the other hand, has made significant strides in Egypt and Morocco, focusing on empowering local underserved merchants and mom-and-pop shops. Through its comprehensive suite of services encompassing product procurement, logistics, and financing, MaxAB has played a vital role in fostering economic opportunities for marginalized communities.
Why Wasoko, MaxAB are merging
“This merger is the culmination of years of hard work, innovation, and commitment to transforming the informal retail sector in Africa,” affirmed Belal El-Megharbel, CEO of MaxAB.
The union of Wasoko and MaxAB is expected to unlock the true potential of this dynamic market, empowering businesses to thrive in an environment conducive to growth.
Daniel Yu, CEO of Wasoko, echoed this sentiment, expressing his excitement about the merger’s potential to revolutionize consumer access to essential products across Africa. “Our shared vision of empowering businesses and connecting consumers will be further amplified by this partnership,” he added.
The strategic alliance is driven by a common goal – to revolutionize the way businesses operate and consumers shop in Africa. With a focus on innovation, customer-centricity, and sustainable growth, Wasoko and MaxAB are set to usher in a new era for B2B e-commerce on the continent.
What the CEOs said
Belal El-Megharbel, CEO of MaxAB, articulated the significance of the merger, stating, “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.”
Daniel Yu, CEO of Wasoko, reflected on the journey since the launch of Wasoko in Kenya in 2016, stating, “When I launched Wasoko in Kenya in 2016, it was with the promise of becoming a truly pan-African company, and this merger is the boldest step we’ve taken towards realizing that goal while reflecting my personal history developing the initial concept behind Wasoko during my time spent in Egypt over a decade ago. 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.”
