The startup takes another step in its goal to serve the 67% of Egypt’s population that remain unbanked.
Cairo-based fintech company, Dopay, has been given a banking agent license through the Arab Banking Corporation Egypt (Bank ABC), allowing the company to launch a virtual banking platform enabling small and medium-sized enterprises’ (SMEs) real-time payment of beneficiaries and employees.
The partnership will see the establishment of a highly innovative banking solution designed for SMEs in emerging markets.
Dopay Founder and CEO, Frans van Eersel, expressed “delight” that “after rigorous scrutiny, the Central Bank of Egypt [CBE] has recognised the security and efficiency of our platform and product.”
He described obtaining the license as “a significant landmark on our journey to becoming a leading virtual banking platform in Egypt.”
Dopay’s platform enables businesses to set up personal accounts for employees, contractors, and other beneficiaries through a simplified process that takes seconds. Workers can be paid instantly, even on weekends and during holidays, as each account provides prepaid debit cards with around-the-clock access to funds.
Egypt becomes the first market in which Dopay operates, a critical foundation country given that approximately two-thirds of the country’s population are unbanked, while over 90% do not have access to credit or financing.
Gasser Hosni, Dopay’s Head of Business, described the platform as “a gamechanger for Egypt in terms of accessibility, speed, and convenience of payments.”
Meanwhile, Jaas Reinking, the Director of Private Equity at the Dutch Entrepreneurial Development Bank FMO, for whom Dopay is a client, commented that “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.”
Already with hundreds of active customers ranging from SMEs to multinationals like McDonalds, Dopay intends to serve the country’s rapidly growing businesses.