Key Takeaways:
- Fawry and Bel Egypt have signed a strategic agreement to provide digital financing solutions for retailers as part of Bel Egypt’s “Enaya” loyalty program.
- The initiative aims to support 25,000 retailers across Egypt, enhancing their digital transformation and business growth.
- Bel Egypt has allocated EGP 60 million for financing, with amounts ranging from EGP 5,000 to EGP 150,000 for participating retailers.
Cairo: Fawry, a leader in banking technology and electronic payments, has partnered with Bel Egypt, a global dairy products leader known for brands like “La Vache Qui Rit” and “Kiri,” to launch a strategic cooperation agreement aimed at providing digital financing solutions for retailers within Bel Egypt’s loyalty program, “Enaya.”
This collaboration marks a significant step in aiding retailers’ digital transformation efforts, helping them navigate current economic challenges and expand their businesses. Leveraging its extensive fintech expertise, Fawry will deliver innovative solutions that facilitate retailers’ access to essential financing, enabling more efficient management of their operations. The partnership underscores both companies’ commitment to empowering small retailers and enhancing their contributions to the economy.
Bel Egypt, as Egypt’s leading dairy producer, is dedicated to the sustainability and success of these retailers. The ambitious initiative aims to reach 25,000 retailers across all Egyptian governorates over the next five years. To support this effort, Bel Egypt has allocated EGP 60 million for retailer financing, with individual financing amounts ranging from EGP 5,000 to a maximum of EGP 150,000. Retailers interested in participating can reach out to the sales teams at either Bel or Fawry.
Hossam Ezz, CEO of Fawry FMCG, expressed enthusiasm about the program’s potential, stating, “Our collaboration with Bel Egypt marks a significant milestone in our journey and serves as a catalyst for improving digital financing services for retailers. This strategic step not only aims to facilitate retailers’ access to necessary financing but also paves the way for future innovations in the financial sector. We are committed to delivering new financial solutions that align with rapid technological developments, contributing to a more sustainable and efficient business environment.”
Hany Arram, Regional Manager of Bel Egypt and North-East Africa, shared his excitement regarding the expansion of the “Enaya program,” emphasizing its importance in economically and socially empowering retailers. He noted, “We are proud of our strategic partnership with Fawry FMCG, which embodies our shared commitment to fostering innovation in the financial sector. By integrating the latest technologies into our services, we aim to provide retailers with flexible and user-friendly financial solutions that help them expand their businesses and improve financial performance amid changing market challenges.”
Initially launched as a health insurance service for outstanding retailers and their families, the “Enaya” program recognizes these retailers as key partners in the company’s growth. Bel Egypt was the first company in the food and beverage sector to implement a medical insurance program for retailers. The initiative has since evolved into a comprehensive business model, offering retailers unprecedented benefits through financial solutions and innovative business models that enhance their competitive capabilities and ensure the sustainability of businesses contributing to the local economy.
