Status: Completed investment
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Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Dopay International Holdings Ltd. offers Egyptian SMEs a digital payroll platform that helps remove cash from their operations and improves payroll payment efficiency. Employees receive their salary in personal dopay accounts, can manage their financials and benefit from other products and services offered via a mobile app and gain access to their salary from ATMs, point-of-sale or make online purchases with a debit card.

What is our funding objective?

Established in 2014, dopay is a start up technology company providing innovative solutions to enhance financial inclusion. FMO aims to support dopay in growing its Egyptian activities and replicating the business in other MENA markets as well as further business development. FMO will issue a convertible loan of up to EUR 1mln.

Why do we fund this investment?

Worldwide, an estimated 2 billion people have jobs but no bank account. In Egypt, an estimated 2.4mln businesses pay their employees in cash. Dopay contributes to financial inclusion by breaking the ‘cash cycle’ at the payroll of SMEs and by creating virtual accounts for employees. Dopay positively contributes to creating decent workplaces in Egypt, while reducing inequalities by targeting un(der)served employees.

What is the Environmental and Social categorization rationale?

Dopay is a payment services provider and is a category C client in terms of E&S risks. Dopay provides these services in Egypt and as part of the agreement with FMO, will adhere to FMO’s Exclusion List and national legislation.

More investments

Date Total FMO financing
12/21/2022 EUR 0.03 MLN
12/9/2020 EUR 1.55 MLN
Website customer/investment
Financial Institutions
Publication date
Effective date
End date
Total FMO financing
EUR 1.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)