Original Source: FMO
Egypt has a cash-rich economy, while only a third of the adult population has access to regular bank accounts. dopay offers a business-to-business service to Egyptian small and medium size enterprises (SMEs) as well as large enterprises allowing employers to digitize their salary payments. Unbanked employees receive their funds instantly in a personal dopay account that comes with a debit card, ensuring 24/7 access to their salary income. The investment contributes to FMO’s objective to spur innovation by supporting technology-enabled newcomers in the financial services industry. The EUR 1,000,000 convertible loan facility is made available from the MASSIF fund, which is managed by FMO on behalf of the Dutch government.
In Egypt alone, an estimated 700,000 employees enter the labour market every year. Digital salary payment helps to remove cash from the operating business of companies and contributes to a more decent workplace for employees. dopay has signed-up 1,600 businesses in Egypt to date. These businesses can instantly open accounts for their unbanked employees or other beneficiaries, for which the dopay account becomes their primary account.
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