Fintech start-up dopay gains Egyptian banking licence
London-headquartered fintech dopay has been granted an Egyptian banking agent license through Arab Banking Corporation Egypt (Bank ABC Egypt).
The payroll company is looking to develop a digital banking platform in the country that will allow businesses to open accounts for unbanked employees and pay them in real time.
Bank ABC Egypt will collaborate with dopay on the project following guidelines set by the Central Bank of Egypt.
Dopay founder and CEO Frans van Eersel says the licence is a “significant landmark” on the company’s development journey.
Dopay’s cloud-based platform enables businesses to open personal accounts for their employees and contractors to form a cashless payroll system. Account owners are provided with a prepaid debit card to access the funds.
The company says it aims to ease the payroll process for businesses and drive financial inclusion for employees, with 67% of Egyptians having no bank account and 94% no access to credit.
It claims to have hundreds of active customers in Egypt, from small local businesses to brands such as McDonalds and SWVL. It also plans to expand across the MENA area.