Back to the complete issue
Tuesday, 26 April 2022

UAE-based fintech platform FlexxPay to make Egypt its third market

FlexxPay lands in Egypt: UAE-based fintech platform FlexxPay is expanding to Egypt, it announced in a press statement (pdf) last week. The company, which provides flexible salary payment services, is already active in the UAE and Saudi Arabia, and is now making Egypt its third market with the opening of an office at the Greek Campus in Downtown Cairo. FlexxPay did not respond to Enterprise’s questions about the specifics of its launch or its targets.

About FlexxPay: Founded in 2020, the platform provides businesses and employees with an instant pay platform, instead of the traditional pay cycle. The app allows employees to manage their salaries with budgeting and savings tools.

The more, the merrier: FlexxPay’s entry to Egypt comes as more fintech players widen their presence in the country. Last week, China-backed fintech player OPay received preliminary approval from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP). Other Africa-focused fintechs such as Churpy and ImaliPay have said recently they are preparing to set up shop in Egypt.


Local fintech and NBFS player Noqood Holding and subsidiary Kash Now have launched their services, the company said in a press release (pdf) last week. Noqood founding partner and MD Abdelrahman Ali said the launch aims to create “an active entity in non-banking services and investing in financial technology aimed at startups and [SMEs].” The group’s other subsidiaries include: Noqood Fintech, Noqood Technology Solutions and Noqood for Electronic Payments Solutions. Kash Now offers financing services for businesses including advance salary payments and corporate cards.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.