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AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Investors

FMO invests in dopay

Africa Global Funds
March 13, 2019, 11:19 p.m.

Word count: 383

FMO has invested in dopay, a technology start-up company in Egypt that aims to break the cash cycle at the payroll of underserved employees in emerging markets. 

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FMO has invested in dopay, a technology start-up company in Egypt that aims to break the cash cycle at the payroll of underserved employees in emerging markets. 

The €1m convertible loan facility is made available from the MASSIF fund, which is managed by FMO on behalf of the Dutch government.

Through this investment, FMO supports dopay to scale up their payments and banking services in Egypt, thereby improving financial inclusion and creating more decent workplaces.

“Supporting dopay is an important step for the Fund to further support entrepreneurs in Egypt, where access to financial services remains limited in large parts of the country,” said Jeroen Harteveld, Fund manager of MASSIF.
 
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. 

 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.

Frans van Eersel, dopay’s founder and CEO, said: “We are thrilled with the investment of FMO. FMO has a vast experience in our target markets and we are keen to leverage their extensive network.“
 
Other investors in dopay include Techstars Ventures, Ace & Company, Force over Mass and NN Group.

The investment contributes to FMO’s objective to spur innovation by supporting technology-enabled newcomers in the financial services industry.

MASSIF provides financial and non-financial resources to small businesses and micro-entrepreneurs by supporting local financial intermediaries and institutions that can contribute to their development. 

The Fund invests in low income countries, fragile and conflict-affected states with special focus towards rural areas, women, youth, irregular migrants and companies that are developing new innovative products and services for the ‘Base of the Pyramid’. 

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