Saturday, March 23, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
  • Subscribe Download
News > Investors

FMO invests in dopay

Africa Global Funds
March 13, 2019, 11:19 p.m.
749

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. 

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

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’. 

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration