Fintech company dopay has been awarded a banking agent license through Arab Banking Corporation Egypt (Bank ABC Egypt).
This license allows the company to launch a next generation virtual banking platform enabling businesses to instantly open accounts for their employees and other beneficiaries and pay them in real-time, in accordance with the guidelines set by the Central Bank of Egypt.
Under a new partnership agreement, dopay and Bank ABC Egypt are collaborating to build and implement a highly innovative value proposition for small and medium size businesses, corporates and their financially un(der)served employees and other beneficiaries in Egypt. This partnership and platform form the basis of growth in payment and banking solutions available to businesses and their employees in emerging markets.
Dopay Founder and CEO, Frans van Eersel said, “I am delighted that, after rigorous scrutiny, the Central Bank of Egypt has recognized the security and efficiency of our platform and product. Obtaining this license is a significant landmark on our journey to becoming a leading virtual banking platform in Egypt. I am very proud of dopay’s team of innovators who have taken us successfully to this milestone and I am also appreciative of the support of Bank ABC Egypt.”
The dopay platform enables businesses to open personal accounts for their employees, contractors, and other beneficiaries in seconds. Staff can be paid instantly, even during weekends and holidays. Each account provides a prepaid debit card, enabling 24/7 access to funds. Enrolled businesses benefit from a secure and cashless payroll, with simple-to-use interfaces and fully auditable transparency. Personal account users enjoy instant and secure access to mainstream banking facilities, irrespective of how much they earn.
Gasser Hosni, dopay’s Head of Business, said, “This platform is a gamechanger for Egypt in terms of accessibility, speed and convenience of payments. As businesses can use their existing bank account to leverage dopay’s platform, they can start benefiting from the service immediately. The onboarding and payment experience is seamless and fully digital, with staff receiving their prepaid debit card in just one business day.”
Egypt, with some 2.4 million individual businesses and 104 million people, is dopay’s first operating market. Today, 67% of Egyptians do not have a bank account, while 94% have no access to credit. Commenting on the license confirmation, Jaap Reinking, Director Private Equity of the Dutch entrepreneurial development bank FMO said, “Accessible and affordable payment platforms, like dopay’s in Egypt, increasingly drive financial inclusion, and thereby effective pursuit of many of the United Nations’ sustainable development goals.”
Dopay has hundreds of active customers in Egypt, from small local businesses to enterprises including McDonalds and the country’s leading bus ride sharing brand, SWVL. Egypt is the biggest market in the MENA region and dopay’s stated intention is to serve a rapidly growing number of Egyptian businesses and their employees and beneficiaries.
Frans van Eersel observed, “Being granted this licence will give our existing and prospective customers even more confidence in our ability to deliver the fast, convenient and secure cashless payment services they need to help grow their businesses, benefit their employees, and fulfil their ambitions. It is also a vital next step to making our platform the foundation for delivery of many more new services to come.”