The COMESA Competition Commission (CCC) has launched an inquiry into the merger between Kenya’s Wasoko and Egypt’s MaxAB B.V., which created one of Africa’s largest digital commerce and fintech platforms. The merger, finalized in 2024, is being scrutinized to assess its potential impact on competition and public interest within the Common Market.

• The combined entity now operates across Kenya, Rwanda, Egypt, Morocco, and Tanzania, serving approximately 450,000 merchants and reaching an estimated 65 million consumers.
• Wasoko had previously raised over US$230 million and achieved a valuation of US$625 million before the all-stock transaction with MaxAB.
• The merger followed financial challenges faced by both venture-backed startups, with Wasoko having shuttered offices, paused operations, and laid off over 100 employees in late 2023 as management consolidated under Cairo-based leadership.