The COMESA Competition Commission has opened a formal inquiry into the 2024 all-stock merger between Kenya’s Wasoko and Egypt’s MaxAB to determine whether the deal could substantially prevent or lessen competition in the Common Market. As part of the process, the Commission invited competitors, suppliers, and customers to file written representations by October 24, 2025. The review follows public notices issued in early October and frames one of Africa’s largest retail-tech combinations for heightened regional scrutiny.
Transaction Background
Wasoko and MaxAB began merger talks in December 2023 and completed the transaction in August 2024, positioning the combined company as a major B2B commerce and fintech platform. Company disclosures say the group serves roughly 450,000 merchants reaching an estimated 65 million consumers across core markets that include Egypt, Kenya, Morocco, Rwanda, and Tanzania. TechCrunch reported the deal as an all-stock “merger of equals,” highlighting the shift from pure e-commerce toward a multi-vertical ecosystem.
Scope of the Inquiry
COMESA’s inquiry focuses on whether the merger may harm competition or conflict with public interest across member states in Eastern and Southern Africa. The watchdog is gathering stakeholder input to inform its assessment, with submissions due by October 24, 2025, before it decides on possible approvals, conditions, or remedies. The Commission’s framing mirrors standard merger-control tests that assess market structure, potential foreclosure, and impacts on consumers and smaller rivals.
Leadership and Integration Shifts
Since closing, the merged group has undergone notable leadership changes and operational consolidation. MaxAB co-founder and COO Mohamed Ben Halim departed in October 2024, and Wasoko founder Daniel Yu stepped away from his full-time role in September 2025, remaining as an adviser while leadership centralized under MaxAB co-founder Belal El-Megharbel. Meanwhile, Wasoko closed its Zanzibar office and paused operations in Uganda and Zambia during 2024 as part of broader restructuring.
Expansion and Fintech Pivot
Despite the shake-ups, the group continued to expand and tilt toward financial services. In May 2025 it acquired Egypt-based B2B marketplace Fatura, with EFG Finance becoming a significant shareholder and securing a board seat, and the business extending coverage to 16 Egyptian cities. Management and external reports say the combined entity has disbursed more than $20 million in merchant credit with repayment rates above 99 percent, underscoring fintech’s growing role in the model.
Competitive Stakes
For regulators, the central question is whether the consolidation of two scale players could disadvantage smaller distributors or digital marketplaces in overlapping geographies. The companies argue the merger improves efficiency and access to financing for informal retailers, while critics warn concentration could reduce choice and negotiating power over time. COMESA’s decision will shape market dynamics across several member states and set a precedent for future digital-commerce consolidation on the continent.
The Wasoko–MaxAB combination remains operational, acquisitive, and increasingly fintech-led, yet it now faces the most consequential regulatory test since closing. Stakeholders have a narrow window to influence the outcome through written submissions as the Commission weighs competition effects alongside claimed efficiencies. Whatever the verdict, the ruling will ripple through Africa’s retail supply chains, capital flows into B2B commerce, and the trajectory of embedded finance across the region.