British International Investment

MaxAB B.V.

North AfricaConsumer - other services

MaxAB is re-engineering the retail market using proprietary technologies, innovative supply chains, and embedded finance solutions designed to empower both retailers and suppliers across Egypt, Morocco and beyond.

Our investment

Description of the investment.

This investment will drive economic transformation at scale in Egypt, Morocco and elsewhere in the region. It will do this by enhancing the productivity of informal retailers which still represent the vast majority of the retail market today; and enhancing overall transparency and efficiency of FMCG supply chains.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.


  • Provide economic opportunities through improved value chain and market integration and enhanced access to finance (SDG 8.3, 9.3).

  • Provide economic opportunities through direct employment creation (SDG 8.5).


Primary Secondary
  • Economic enabler: By overcoming challenges such as local retail networks’ fragmentation, value-chain inefficiencies, and retailers’ constrained access to finance, MaxAB enables increased productivity and incomes of MSMEs in Egypt’s retail industry.

  • Catalysing markets: By improving the fragmentation, inefficiency and opacity of the informal food and grocery retail market, this will improve the cost and efficiency of supply to MSME retailers.

Direct: Growth in employment at MaxAB.


Stakeholder Geography Characteristics
Owners and their employees

Egypt and Morocco

Micro retailers (individual mom-and-pop shops), primarily focused on city outskirts in lower-income and harder-to-reach areas.


Egypt and Morocco

Primarily low-skilled roles - drivers, warehousing employees, and field agents.

How much?

Scale Depth/Duration

By 2025, MaxAB will reach 100,000 retailers. MaxAB will create 4,000 new jobs as the company continues to scale.

We expect that the depth of impact will be significant for retailers who currently operate within the informal economy, and are constrained by a lack of access to working capital, low margins due to supply chain inefficiencies, and limited growth opportunities. MaxAB's service is expected to enable reduction of stock-up inventory need and increase in retailer revenue.

We expect that MaxAB will provide learning and development opportunities for its employees as a way of upskilling the workforce.


  • Financial additionality: Capital is not offered in sufficient quantity in the market and we are confident that no commercial capital is being crowded out.

  • Value additionality: We will support MaxAB's ongoing efforts in institutionalising their environmental, social and governance framework and corporate governance at the company level which will help to mitigate negative impact risks.


Execution Risk

Relates to the ability of MaxAB to scale in line with the business plan and achieve the intended impact.

Unexpected Impact Risk

Relates to client protection as borrowing retailers are unbanked or underbanked and are potentially more vulnerable. Given limited financial literacy, customer protection principles have been included in our legal agreements and we will closely monitor this risk.

Impact score

Impact score (at point of investment)

The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. You can find out more here.

The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party.


Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

The focus of our work with the Company is appointing an environmental and social (E&S) manager, developing an E&S management system, improving human resources and contractor management policies and procedures, establishing a grievance mechanism, strengthening occupational health and safety practices and training security teams.

Environmental and social risk


Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    North Africa

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.

    Egypt, Morocco

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Consumer - other services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    May 2022
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.


Related investments made by BII into this company:

Investment name Commitment Region Sector Start date Status
Investment 01 $10m North Africa Consumer - other services May 2022 Active
Investment 03 $60k North AfricaNorth Africa Consumer - other services December 2023 Active
Investment 04 $60k North AfricaNorth AfricaNorth Africa Consumer - other services December 2023 Active

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