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Tuesday, 10 August 2021

Egypt-based payroll platform Dopay is now Bank ABC Egypt’s banking agent

Egypt-based fintech startup Dopay will offer its digital payroll solutions to Bank ABC corporate clients after obtaining an agent banking license from the Central Bank of Egypt (CBE) through Bank ABC, according to a press release yesterday. The license enables Dopay to offer corporate banking services via its digital payroll and payment platform through which companies can pay their unbanked employees’ salaries. Staff will be able to receive their funds through a prepaid debit card. The license will allow Dopay clients to “instantly open accounts for their employees and other beneficiaries and pay them in real-time.”

About Dopay: Established in June 2014, Dopay works to provide payroll services for the unbanked to drive financial inclusion and digital transformation in Egypt. Dopay’s customers include McDonalds and mass transportation app Swvl, and the company implements payroll solutions for Barclays-Egypt. The company raised USD 2.4 mn in 2016 in a round led by Techstars Ventures and Force Over Mass Capital, and an additional EUR 1 mn investment from Dutch development bank FMO in March 2020.

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