Paynas

Saturday, 01 February 2020 04:40 Written by 
  • Location(s): Egypt
  • Type(s): Solution
  • Theme(s): Entrepreneurship, Innovation, Technology
  • SDG(s): 8. Decent Work and Economic, 9. Industry, Innovation and Infrastructure
  • Locations of Agro Solutions: Egypt
  • Types of ComSec Solutions: Solution

 Problem: New SMEs lack resources to grow: they cannot afford the best management; they compete for human resources with larger corporations which offer fringe benefits, larger remunerations, stock bonuses and larger networks and exposure. Most SMEs also lack resources to employ efficient HRM processes, leading to further challenges, particularly for payroll calculations. In addition, they are excluded from banking systems, leading to cash wages being highly predominant in the private sector, and to lack of access to appropriate employee health insurance options.

Solution: PAYNAS is a cloud platform that provides hassle free banking, HR management, medical insurance and other employee benefits in one place, and in a single workflow.

Goals and objectives: The solution aims to unlock the resources that SMEs need to grow, while promoting the financial inclusion of their employees and enhancing their access to health coverage and other employee benefits

Implementation: paynas was founded in 2018 by Mohamed Mounir in Cairo, Egypt and was part of EFGEV Fintech’s (a Cairo based accelerator that was established as a joint venture between Egypt Ventures & EFG Finance) first cohort. paynas offers services in partnership with Visa International, AXA, and Banque Misr.

Paynas offers more than a regular HR Management cloud platform through the following features:

  • A digital employee & payroll experience: The employers using PayNas don’t have to open bank accounts for their employees as PayNas can provide them with bank accounts through Banque Misr—the bank with the largest branch network in Egypt--and Visa powered Debit & Credit Cards for all the employees.
  • HR Management & Online Payroll: A centralized location where executives can easily manage employees’ documents, onboarding, recruitment, attendance and leave. PayNas also offers geolocation and geofencing features enabling employers to monitor and improve the productivity and efficiency of their teams.
  • Benefits Marketplace: A part of Paynas platform enables the employers to access different benefits (/perks) for their employees at competitive rates.

Achievements: PayNas has won the first place at Seamless North Africa 2019’s pitch competition, receiving $50,000 as cash prize. Paynas was one of five startups that were competing at Pitch-off, a pitch competition at Seamless North Africa, that’s one of the leading financial services and payments events of the region. In addition to being the Pitch by the Pyramids Investment Award Winner in December 2019;  IsDB Transformers Roadshow First Prize Winner, and last round participant at Harvard Business School Arab Weekend Startup Pitch Competition

Contact details:

Address: 4 El Shaheed Ahmed Nabil Street, Zamalek, Giza Governorate, Egypt

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: https://www.paynas.com

Read 1525 times Last modified on Saturday, 01 February 2020 04:46
Login to post comments