Africa’s B2B e-commerce landscape has taken another step toward consolidation as MaxAB–Wasoko, the continent’s largest retail and supply chain super app, acquires Fatura, a leading Egyptian B2B e-marketplace, from EFG Finance, in a deal that furthers the accelerating convergence of digital commerce and fintech in Africa’s informal retail sector.

The transaction, which grants EFG Finance a significant equity stake and board seat in MaxAB-Wasoko, is a move to dominate Africa’s USD 600 B informal retail market by stitching together fragmented supply chains with embedded financial services.

The move follows MaxAB-Wasoko’s landmark 2024 merger, which combined Egypt’s MaxAB and Kenya’s Wasoko into a pan-African powerhouse serving 450,000 merchants across five markets.

By absorbing Fatura, a platform connecting 626 wholesalers in 16 Egyptian cities, MaxAB-Wasoko gains immediate access to a broader product assortment and deeper supplier networks, addressing a critical pain point for Africa’s small retailers who typically rely on patchwork distributor relationships.

The integration is projected to boost MaxAB-Wasoko’s Egypt revenue by 25% within a year, with plans to replicate the model in Kenya, Morocco, and Rwanda.

But the real prize lies in fintech synergies. Fatura’s asset-light marketplace model dovetails with MaxAB-Wasoko’s existing embedded finance solutions, which already fund 9% of its e-commerce sales and boast a 99% repayment rate on USD 20 M in merchant credit.

This mirrors a broader trend among African B2B platforms, like Nigeria’s TradeDepot and Kenya’s Twiga, that are pivoting from low-margin logistics to high-margin financial services as a path to profitability. EFG Finance’s involvement further bolsters this strategy, leveraging its microfinance subsidiary Tanmeyah (Fatura’s former owner) to deepen credit penetration.

The deal also reflects Africa’s unique retail dynamics. Unlike Western markets dominated by supermarkets, 70% of African consumers still rely on informal mom-and-pop stores, which face persistent working capital shortages. MaxAB-Wasoko’s super app, combining inventory procurement, same-day delivery, and loans, is effectively digitising this ecosystem.

As co-CEO Belal El-Megharbel notes, the goal is to become the “one-stop-shop” for retailers, a vision increasingly validated by investors: the combined entity has raised USD 230 M to date, with backers like Tiger Global and Silver Lake betting on scale-driven profitability.

Yet challenges loom. African e-commerce remains notoriously difficult, with infrastructure gaps and high operational costs forcing even giants like Jumia and B2B upstarts to retreat from some markets. MaxAB-Wasoko itself has trimmed offline operations, suggesting a focus on capital-efficient digital growth.

Still, with EFG Finance’s backing and a proven fintech playbook, this acquisition could mark a tipping point, not just for MaxAB-Wasoko’s ambition to unify Africa’s retail supply chains, but for the continent’s broader digital commerce maturation.