FMO has provided a €1m convertible loan facility in technology start-up Dopay which is a company that provides payments and banking services in Egypt, thereby improving financial inclusion in the North African country. The loan will be used by Dopay to expand its reach in payments and banking services to the lower middleclass working people who do not have access to mainstream banking facilities. Unbanked employees receive their funds instantly in a personal Dopay account that comes with a debit card with daily 24 hour access to their salary income. An estimated 700,000 employees enter the labour market every year in Egypt which is clearly a growth market. Dopay has been able to sign up 1,600 businesses who will open transactional accounts for their employees.
FMO is the Dutch development bank that invests in over 85 countries, supporting jobs and income generation and extending beyond financing to allow transparent growth in an environmentally and socially responsible manner.