{"id":696260,"date":"2026-04-26T12:59:02","date_gmt":"2026-04-26T12:59:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=696260"},"modified":"2026-04-26T13:04:18","modified_gmt":"2026-04-26T13:04:18","slug":"winning-in-new-markets-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/26\/winning-in-new-markets-2\/","title":{"rendered":"Winning in new markets"},"content":{"rendered":"\n<p><strong>Salma El-Saeed [S.S]: Andrew, I want to start with you. So, ENZA is an infrastructure provider for banks and fintechs across multiple African markets. And obviously, you have more countries in your sights as you expand. How have you chosen the markets that you've set foot in so far? What are the kind of key markers that you look at in each country, in each market, as you start to grow into it?<\/strong><\/p>\n\n\n\n<p><strong>Andrew Key [A.K]: <\/strong>Thank you, Salma. There's a bunch of different dimensions that we'll look at. There's the obvious ones that everyone in the audience would look at, which is the demographics, the size of the country, the size of the population, the GDP. Because we're about scale and efficiency. Centralized technology means we can scale quite easily. So, we start with demographics. We'll then look at the maturity of the payments market in that country. How digitized is it? What payment methods are being used by consumers and businesses in that country? If we can support them, if we can add value, if we can prove product-market fit, then we'd look at that.<\/p>\n\n\n\n<p><strong>Two other dimensions: Firstly is the regulatory environment.<\/strong> A mature, stable regulatory environment is actually better for us. It's easy for us to enter if we can understand what the regulator expects of us. If we can understand the regulator's stance with our customers, then it's easy for us to assess whether we can meet those regulatory expectations and the expectations of the customers.<\/p>\n\n\n\n<p><strong>And then the final one \u2014 I'm very conscious there's a large number of bankers in the audience \u2014 but it's currency.<\/strong> Volatility, instability, and for us particularly, it's about the ability to repatriate back into USD or another hard currency. And look, we're grappling with that at the moment, which I'm sure we'll come back to later.<\/p>\n\n\n\n<p><strong>S.S: <\/strong><strong>Yeah, definitely. That is something that we're going to touch on later and something that I'm sure everybody in the audience relates to.&nbsp;<\/strong><\/p>\n\n\n\n<p>So Wahby, EEP's story as an education company is a bit different from Enza\u2019s, not just because it's a different industry, but also because you have a different geographical focus and origin story. As the name suggests, Egypt Education Platform started in Egypt. You guys gained a strong foothold here and then you turned your sights abroad to the Gulf.<\/p>\n\n\n\n<p>So talk to us about your rationale for focusing on the Gulf primarily and how you've shaped your international growth strategy over the past few years?<\/p>\n\n\n\n<p><strong>Ahmed Wahby [A.W]:<\/strong> Thank you, Salma, for the question. Egypt Education Platform, for those who don't know, is the biggest education provider now in Egypt. We're hosting 25 educational assets between schools, nurseries, [and] content creation or content guides, and we manage with that around 20,000 students and around 6,000 employees here in Egypt. We touch around millions of students in the content business, and that's very important.<\/p>\n\n\n\n<p>I'm starting with that intro because we believe that scaling outside of the boundaries of Egypt had to start from us creating a scalable model inside Egypt first. So we needed to have the modular product or the value proposition by which we can really scale and grow beyond the boundaries of the Egyptian market.<\/p>\n\n\n\n<p>Obviously, like Andrew mentioned, we do all the studies needed from feasibility studies, GDP studies, macroeconomic studies, and all. But for education particularly, we were very keen to understand where the quality gaps are. Because schools are everywhere, and seats are everywhere, and students do have the ability to get into seats in any market. But do they really get quality education? I think that's the real question mark. The key point we're always searching for is where the quality gap is, and this is how we kind of tap into that market.<\/p>\n\n\n\n<p>When we say market, we actually try to get a little bit more specific, because we talk even cities, not countries, because one city from the other can make all the difference. So we're present in Abu Dhabi and Sharjah, but we\u2019ll not be present in Dubai because the quality gap is not necessarily there. Saudi is obviously a very big focus for us because the quality gap is very obvious, despite that the number of schools being massive. So it's always trying to search where our value proposition that starts from quality of education is a gap, and try to find ourselves into that particular market. Now we're present in five markets in the Gulf with around 5,000 students and six schools, and we believe that there is much more to come insha\u2019Allah in the future.<\/p>\n\n\n\n<p><strong>S.S: And in terms of that kind of product-market fit in the Gulf, in which segments do you find that you have the right amount of competition where you can set yourself apart and your quality proposition is really going to hit home?<\/strong><\/p>\n\n\n\n<p><strong>A.W: <\/strong>We play across income segments because we believe this is our strategy. Our strategy is diversification. In education, you cannot be only relevant for one tier. If you want to scale and grow, you cannot be relevant only for one tier, because with macroeconomic changes, with family situations being a very turbulent and dynamic aspect, being present across income segments is also a very important competitive advantage. We do play across affordable segments, obviously in the mid-tier, which is where the masses actually lie, and in the premium offerings as well. So we have brands relevant for all income segments, and we always try to differentiate ourselves vis-\u00e0-vis competition within that segment, whether it's premium, affordable, or middle.<\/p>\n\n\n\n<p><strong>S.S: And Andrew, what is your perspective on competition in a market that you're entering? You spoke about regulatory clarity and stability. How do you view the existence of competition?<\/strong><\/p>\n\n\n\n<p><strong>A.K:<\/strong> Firstly, competition is a good thing. Competition keeps you on your toes.<\/p>\n\n\n\n<p><strong>S.S: <\/strong>That's a controversial answer.<\/p>\n\n\n\n<p><strong>A.K: <\/strong>And generally, it's true. Our competitors effectively fall into three buckets. The first bucket is a decision by a bank or a fintech to do it themselves \u2014 because you can do it yourselves. Second bucket is there are a handful of players trying to operate \u2014 and we're focused exclusively on Africa \u2014 so there's a handful of players offering similar but not the same services. And then there are competitors who are focused just on an individual market. We're trying to compete against all of those.<\/p>\n\n\n\n<p>So, Enza \u2014 I laugh when I say this \u2014&nbsp; we're focused on 10 markets. Most people would say 10 isn't very focused, and I probably agree with you. But we're focused on 10 markets. Our big focus is\u2026 some of our larger competitors are primarily focused on providing capabilities to consumers. And so they\u2019ll work with banks or fintechs who are targeting on a consumer proposition. We've looked across Africa\u2026 and my co-founders, we\u2019ve worked in this industry globally as well as in Africa for quite a number of years as you can tell by looking at us\u2026 there's not many people focused on small businesses. There are 60 million unbanked or underbanked small and medium-sized enterprises (SMEs) across Africa, many by choice, so you're not going to convert them to digital payments.<\/p>\n\n\n\n<p>But our message to our customers, the banks and the fintechs, is if you can use payments as an entry point into a relationship with some of those 60 mn SMEs... those 60 mn SMEs today are the medium-sized and large businesses of the future. We can do that working with you at no cost to you. So it\u2019ll cost you nothing as an entry point. We'll provide all the technology, we'll localize it, we'll make sure we meet the regulations. But when you've started that relationship, you can then cross-sell in the products and services, particularly to banks, that you care about. It's the lending, it\u2019s deposits, it's treasury services, etc.<\/p>\n\n\n\n<p>So, we are looking at it from a competition perspective, we will serve both consumers and businesses, but we're focused particularly on the business side of things and the SME side of things. And there aren't many competitors doing that, so we think we can really differentiate.<\/p>\n\n\n\n<p><strong>We're taking lessons from Egypt as a great example, lessons from the UAE, lessons from Europe, lessons from North America.<\/strong> We've seen how the model evolves differently. And it does evolve differently, country by country, and market by market, and we're trying to take those best practices to our customers and help them on that journey of scale.<\/p>\n\n\n\n<p><strong>S.S: So I mean, you are focused on Africa, but there are few things uniting African markets other than the fact that we're all on one continent. You might not find a lot of similarities in how you operate in these markets. So, how do you navigate that within your thesis that you focus on Africa?<\/strong><\/p>\n\n\n\n<p><strong>A.K: <\/strong>We try and start with staying true to that principle of centralization. From a technology perspective, yes, we can put it on the ground in the market, but our core thesis is we'll be cloud-focused and everything's deployed in the cloud because it allows us to scale very quickly and cost-effectively. So there\u2019s the first component of that.<\/p>\n\n\n\n<p>Each market is very different. So if I contrast Egypt with Ghana: Egypt, very, very successful country. You've got the big payment brands, the Visas and Mastercards. You've then got Meeza \u2014 the national champion. You've then got widespread use of digital wallets, whether that's from telcos, banks, and actually some private enterprises outside of that. And then you've got InstaPay, what started life as a peer-to-peer real-time payment solution is now becoming much more widely used in a business context. That's Egypt. It's evolved fairly quickly. It's relatively mature. You go to another market like Ghana, and it's five years back.<\/p>\n\n\n\n<p>So we can go into the market and have conversations with customers and say, \"Look, our technology is future-proof for whichever way your market evolves. You can have an influence on that as our customer, particularly as banks. The regulator will have an influence on that, and consumer and business behavior will have an influence on that. You don't need us to tell you how to do it. What you can take comfort from with us is we've worked through most of these use cases... it will be different, it will evolve differently in your market, but we\u2019ve had some experience in doing that, and our technology is capable of adapting and evolving as your market adapts and evolves.\"<\/p>\n\n\n\n<p><strong>S.S: I want to take my first question and kind of flip it on its head. We talked about the markers of a market that is worth expanding into. I want to ask both of you, and I'll start with Wahby, what are some of the signs that you look at and think, \"Maybe it's not the right market or it's not the right time for this market\"?<\/strong><\/p>\n\n\n\n<p><strong>A.W: <\/strong>I think we first start from the big picture of the regulatory environment because we believe a regulatory environment can make it or break it when it comes to your investment thesis. However, the one twist that we try to always adopt is there is no such thing as \"this is not the right market.\" I think it's all design input to your strategy at the end of the day. So all the work you do when it comes to macroeconomic studies, regulatory environment studies, product-fit studies... at the end of the day, there is always a product that is fit for the market and the industry where you are operating, that\u2019s for sure, because it is actually a market.<\/p>\n\n\n\n<p>Now, the question is how you design to capture this opportunity. I think if you study well in the pre-work, the design into your strategy is what makes or breaks your growth potential. So the way I see it is not necessarily that there is not the right time or the right market. I think you just need to design properly and design differently and tailor-make your products to this particular market, according to the due diligence work that you actually do at the beginning. This is how we kind of proceed. Obviously, times of major turbulence is something that you tend to avoid by default. But other than that, I think it's all about finding the right product for that particular market.<\/p>\n\n\n\n<p><strong>S.S: Andrew, same question to you.<\/strong><\/p>\n\n\n\n<p><strong>A.K: <\/strong>I mean sometimes we\u2026 scale is the key component \u2014 the ability to scale to justify the investment, that\u2019s a key component. We found \u2014 we're only two and a half years into our journey as Enza \u2014 we've got some interesting conversations going on at the moment where we will work with a customer, and we\u2019ve got one big Nigerian banking group who we started working with in an East African country. We're now into a West African country. Despite being British, much to our challenge, they're now saying, \"Great, you're working with three of our subsidiaries. We want to give you more, but we need some help in the UK.\"<\/p>\n\n\n\n<p>So despite the fact that our operation in the UK meets none of our qualifying criteria on any front.<\/p>\n\n\n\n<p><strong>S.S: <\/strong>Right, the Africa focus kind of shifted a little bit.<\/p>\n\n\n\n<p><strong>A.K:<\/strong> Well exactly, Africa focus, scale, a whole bunch of different metrics \u2014 we haven't really got a lot of choice. So we're going through the process now \u2014 thankfully some of the team are experienced \u2014 of making sure we can meet those regulatory requirements to support them in that country.<\/p>\n\n\n\n<p>So it is scale, but we're also flexible enough to recognize that if you want to get a deep relationship with some of these \u2014 particularly on the bank front, large pan-African banking groups \u2014 you've got to go to places you don't want to go. That may not meet your criteria. So there's that again\u2026that the same banking group taking us into a couple of fairly small, low-scale, French-speaking West African markets. Again, French-speaking Africa was not on our target list. We don't feel we've got the right to win in French-speaking West Africa, but we're having to go there because the customers take us there. So sometimes that choice is not ours to make. Ultimately, the core of the capability that we\u2019ve got can be used to serve all these different markets, but the level of investment we\u2019ll make to localize in some of these smaller scale markets, will make that choice.<\/p>\n\n\n\n<p><strong>S.S: Right. And you just mentioned that Enza's been around for under three years. So as a startup that's relatively new to the block, how do you maintain that balance between expanding, growing aggressively, and giving breathing room for a settling down period, making sure you're making the right choices as you expand?<\/strong><\/p>\n\n\n\n<p><strong>A.K:<\/strong> We're... I don't know if blessed is the right word... the founding team, in fact, quite a few of our team \u2014 we're only 60 people now \u2014 have got quite a few scars of experience. Those scars are enabling us to try and sidestep some of the obvious pitfalls that are staring you in the face.<\/p>\n\n\n\n<p>But we're also blessed in that we've got \u2014 particularly in our team \u2014 and there's been a lot of conversation about it this morning about Gen Zs and about the use of AI... we've got a team who are ... as a bunch of 50-year-old founders who, despite trying to wear a black t-shirt and pretend we're young and cool, we're not young and cool by anybody's definition. Even my own kids would agree. I am a long way from young and cool. But they're solving problems in a different way. Because they haven't got the scars, the benefit we\u2019re taking is they look at a problem completely differently than we would look at a problem. They're able to solve it in a fraction of the time that we would solve it with our, what they see as an \u2018archaic approach\u2019 to problem solving and other things. So it's an interesting balance, trying to keep that.&nbsp;<\/p>\n\n\n\n<p>Staying on the right side of the regulator is absolutely fundamental. You upset them, your business is dead, and your customers won't do business with you if you\u2019ve got an upset regulator. But then trying to strike that balance between\u2026 how can you maintain agility? We're an Algebra portfolio company, so I have to say with Laila [Hassan, General Partner, Algebra Ventures] and others in the room... we are going to scale and we're going to scale quickly and product-market fit is being proven. So we are getting that product market fit in the markets that we are targeting \u2014 which is satisfying. But I said we are also going into some places that wouldn't naturally have been where we\u2019d go.<\/p>\n\n\n\n<p><strong>S.S: Okay. With both of you having expanded quite a bit, what would you say is your biggest indicator of success? Is there a specific KPI? Is there a specific timeline? How do you feel like, \"Yes, I have succeeded in this market\"?<\/strong><\/p>\n\n\n\n<p><strong>A.W: <\/strong>First of all, as you grow, it's an ongoing process, and I think you need to\u2026 an integral part of expansion is continuous outcome measurement. You need to be always close to your outcomes. I think your outcomes need to be simple and cover a couple of aspects:<strong> one, your quality measures<\/strong>, and your financial matrices in general. Because normally, if your quality measures are on the right pathway, then your financials will follow for sure. So that's one thing that we're always very much on the measurement approach. We're tracking progress day in, day out. Quality-wise: learning outcomes, student satisfaction, parent satisfaction, and word of mouth. Because, you know, in education, you're part of communities, not necessarily part of an industry and that\u2019s it. You\u2019re actually part of a wider community, so word of mouth does make a difference. So that\u2019s point number one, you need to be very close to measurement.<\/p>\n\n\n\n<p><strong>Now the second, you need to be very comfortable reiterating.<\/strong> Because as you expand, reiterations are inevitable. We spent six months on our entry. Debut. First big deal in Saudi. And we spent six months actually operating, and a year before that preparing, and it fell apart eventually. And due to the fact that we were mentally ready to reiterate we might have not crossed that bridge and continued to where we are [today]. So we're of the big belief that in order for you to measure success, one, it's not a static kind of clear outcome. You should be always continuously measuring.&nbsp;<\/p>\n\n\n\n<p><strong>Do not look at financials only because I think financial numbers might be very deceiving<\/strong> particularly at the beginning of your expansion journey because there's not much of a base to compare towards, but I think it's mostly in your quality outcomes. And always pivoting is a part of the game when it comes to expansion. Pivoting. Changing your approach adapting to what you kind of see in your evaluation process. I think within that, this should be the boundaries of understanding [whether] you're successful or not. And obviously it\u2019s a continuous learning process and I think this is how we more or less try to keep ourselves on the balance of measuring, adapting and improving.<\/p>\n\n\n\n<p><strong>S.S: Andrew, how about you?<\/strong><\/p>\n\n\n\n<p><strong>A.K: <\/strong>There's the obvious metrics that every business works with, so I won't talk about those obvious metrics. I think there's two. There's one indirect but still hard metric, and that's <strong>how much investment our customers are putting into the marketing and the promotion of the solutions they're using our platform to deliver.<\/strong> It\u2019s very clear: if they can see success, if they can see that it's working for their consumers or their business customers and they're and investing behind it, that's a good measure that it's working, and we obviously benefit from that directly as well.<\/p>\n\n\n\n<p><strong>I think the second measure is \u2014 we've seen it playing out in five or six of the markets that we're in. FOMO is a real thing.<\/strong> It's a real thing. So if you can get one of the names that most, whether they're banks or fintechs in that country look at, on board as your customer and using your solutions. You're not knocking on doors hoping somebody will talk to you. They're coming to you for exactly, purely \u2014 well not just because they're worried about missing out \u2014 but because clearly you've got a solution. It's a respected customer in the eyes of their peers. That's a good thing to have as well.<\/p>\n\n\n\n<p><strong>S.S: Wahby, you just touched on the quality question and that's something you need to constantly keep your eye on. So, for you at EEP, you had the chance to really establish yourself here in Egypt, gained a brand that has trust and credibility. How do you take that brand trust and brand credibility, and translate it into a new market where people don't necessarily know who you are, haven't experienced your company? How do you carry that into a new market?<\/strong><\/p>\n\n\n\n<p><strong>A.W: I think in education particularly, having advocates is a must.<\/strong> We are in communities, not only a particular market, so advocates is a given. You need to start this journey of passing on your brands, which are very successful in your market, to new markets even way before actually launching your new brand.<\/p>\n\n\n\n<p>So, we were on the strategic partnership and relationship building with the key stakeholders in the Saudi markets, in UAE, and other Gulf markets way ahead of our launch. So you need to prep the market for your presence. You cannot just come in, launch the brand, and assume it's going to succeed. You have to prep the market for your presence.<\/p>\n\n\n\n<p>We were in a lot of meetings with the Royal Commission of Riyadh, for instance, early on. We met the KHDA [The Knowledge and Human Development Authority], which is the ministry of education in UAE, multiple times ahead of launching. We explained our brands, what we do, our results, the academic quality outcomes that we have achieved,&nbsp; showing the proof of concept in a way. I think this helped a lot. So prepping the market for your&nbsp; presence is critical\u2026 you can\u2019t just go in and assume that with a launch and a big marketing campaign you are going to succeed. I think prep work is important.<\/p>\n\n\n\n<p><strong>Second, I think the people behind those brands need to play a role beyond Egypt<\/strong> \u2014 or while you are expanding in general. Because they're the ones that live and breathe and understand very well the components of the brand, the success aspects of it and they are the ones that can really be your biggest advocate or your biggest actually selling point. That the person behind this success is actually going as part of the expansion. It's our strategy. We don't go in with the brand on its own. We grow the people that were really behind the brand to have regional oversight to the business. That's important because again no better person to sell or push a brand rather than the founder or the individual who actually works it day in day out. So even if we're management, we don't go and send the brand on his behalf.They are the people behind. That's the second one.&nbsp;<\/p>\n\n\n\n<p><strong>I think the final thing is: winning local talent in the market in which you're playing<\/strong> is another form of having good advocates. And this helps build the foundation and the strength of your bands. Even if they're very strong in Egypt, you cannot win the foundation in another market without having local belief in this brand. So I think we hire a lot of local talent in the markets where we are, we spend a lot of time equipping them and explaining to them and training them on what is really the essence of those brands that we're coming up with, so that they understand what's in it for the market and what's in it for them in working with such a big organization or big brand or whatever.&nbsp;<\/p>\n\n\n\n<p>So, I think it's basically building the right advocates, prepping the market, partnering with the right stakeholders, having local talent believe in what you're saying. And I think all that can help you a lot in pushing your local successive brands in a different market.<\/p>\n\n\n\n<p><strong>S.S: You just provided me with a perfect segue for our last question. Every year we run a reader survey at EnterpriseAM, and one of the most frequent causes of concern for businesses is access to talent, especially here in Egypt. Both of you have strong operational foundations here in Egypt \u2013 you have hubs here. What is your view on the local talent market in Egypt? Are you able to find the talents that you need here? What is the kind of mix of labor force here versus in the other markets that you work in? Wahby, we'll start with you.<\/strong><\/p>\n\n\n\n<p><strong>A.W:<\/strong> <strong>I think education might be a little bit different. Access to talent is actually a competitive advantage for us. <\/strong>We export talent when it comes to teaching staff and education staff beyond the boundaries of Egypt. The Gulf region is full of Egyptian teachers, and we are actually exporting the senior leadership and some of the middle leadership levels into those markets as front-liners. I think talent access here in Egypt is something in education that is positive.<\/p>\n\n\n\n<p>I think what\u2019s actually also very important is that with this expansion, there are always the back-office functions or the support functions: procurement, IT, a bit of accounting. We're very capable here in Egypt of those functions, and it's very efficient to establish your back-office shared service centers in Cairo to serve the region. This is a big part of our mandate, that we're very efficient when it comes to establishing the back-office operation out of Egypt and reinvesting this efficiency into what really matters for parents and families when it comes to educational matters.<\/p>\n\n\n\n<p>So on the contrary, on our end, access to talent has been positive. We're exporting talent when it comes to the front line teaching and education matters. And actually we're growing our back office operation in terms of shared service structure to serve the entire expansion thesis we have. So it's a positive on our side. Let's see Andrew.<\/p>\n\n\n\n<p><strong>S.S: Andrew, would you say it's also positive for you?<\/strong><\/p>\n\n\n\n<p><strong>A.K: Yeah, it is, absolutely. We're a similar story from a back-office perspective. Operationally and technologists, pretty much our team is exclusively in Egypt. <\/strong>We see no reason to change that in the future. For certain skills and talents, wage inflation is an issue. I was delighted to hear the 12%. I wish my team were all sitting in the audience listening to that.<\/p>\n\n\n\n<p><strong>S.S: <\/strong>There you go Laila [Hassan], said it for you.<\/p>\n\n\n\n<p><strong>A.K: <\/strong>They have expectations, and we understand those expectations.<\/p>\n\n\n\n<p>Look, I live in the UAE, and the level of talent for the money that we spend in Egypt, I'd get 10% of the people and the capability in the UAE. So there is... the expression that was politely used earlier was \"arbitrage.\" There is definitely arbitrage. There is an expectation, and that talent can be global. And the shift in working practices it was talked about ... is a real thing, absolutely is a real thing. But to date, we've had no issues with getting the talent. We've had no issues with retaining the talent. Long may that continue.<\/p>\n\n\n\n<p>Interestingly \u2014 and we talked about regulators briefly \u2014 the regulators for us\u2026 There's a growing expectation. We're about to get our license in Ghana. We're applying for our license in Nigeria. Both of those expect you to have a well-qualified, experienced CEO in the market, a CFO for that market, a chief risk officer, a chief compliance officer... and the list goes on. That's forcing us to think differently about how we are going to scale, because we don't want to be a business that goes from 60 people to 500 people. We want the technology to do the work, not the people. But we are having to shift our thinking about which functions we grow in which locations. Historically, we'd have picked most of those functions as being in Egypt. We don't have any choice now.<\/p>\n\n\n\n<p>We are having to \u2026 You can play the game a little bit. Is the CFO really a CFO in Ghana? Well, yes, they've got the job title and they are qualified in their profession, but there's a group CFO who sits down in South Africa. But Egypt will still be a big part of that story.<\/p>\n\n\n\n<p><strong>S.S:<\/strong> All right, perfect. Thank you guys so much for rounding out our afternoon. It was great to have you.<\/p>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>Salma El-Saeed [S.S]: Andrew, I want to start with you. So, ENZA is an infrastructure provider for banks and fintechs across multiple African markets. And obviously, you have more countries in your sights as you expand. How have you chosen the markets that you've set foot in so far? 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