Strategic Partnership to Enhance Digital Payment Solutions
FOO, an award-winning B2B Software as a Service (SaaS) solutions provider, has joined forces with eNovate, Egypt’s leading provider of advanced digital payment solutions, to expand eNovate’s product and service offerings. This partnership builds on eNovate’s established expertise in delivering integrated, cutting-edge payment solutions across various sectors.
eNovate’s Role in Egypt’s Digital Payment Landscape
eNovate, an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s premier investment management firm, was founded in 2009 as EFIG’s card services division. Since its inception, it has evolved to become a key player in Egypt’s digital payment ecosystem. eNovate serves a diverse client base, including fintech companies, financial institutions, government ministries, transportation authorities, and NGOs, and has issued over 55 million cards. The company processes millions of transactions annually for major partners such as Meeza, VISA, and Mastercard, cementing its position as a leader in Egypt’s digital payment space.
Enhancing eNovate’s Capabilities with FOO’s Expertise
Through this collaboration, eNovate will enhance its service portfolio by leveraging FOO’s innovative modular platform, which provides a highly customizable suite of micro-services. This platform enables the delivery of SaaS products across the financial services spectrum, ranging from digital onboarding to digital banking, all while maintaining scalability, flexibility, and robust security features.
Additionally, FOO’s Fintech as a Service (FaaS) solutions will empower fintech companies to rapidly launch and scale their operations. The advanced, out-of-the-box FaaS solution will reduce development time significantly, allowing fintechs to move from concept to market within months, not years. This collaboration provides a comprehensive, scalable platform that helps fintechs in Egypt accelerate their growth and innovation, contributing to the country’s burgeoning financial sector.
Shared Commitment to Digital Transformation
Both FOO and eNovate are committed to driving digital transformation in Egypt and the broader regional payment ecosystem. This partnership builds on eNovate’s past success, positioning the companies to deliver fully compliant, end-to-end solutions that meet the diverse needs of clients and their customers.
Key Projects and Future Endeavors
The partnership has already led to several key initiatives, starting with an end-to-end digital solution for universities across Egypt. This solution, integrated with each university’s learning management system, will allow students to perform various tasks—such as payments and identity verification—via a unified app. More significant projects are expected to be announced in the near future.
Leadership Perspectives
Ghady Rayess, Co-founder and Managing Director at FOO, expressed his excitement about the collaboration: “Innovation is at the heart of what we do at FOO. Partnering with eNovate, an industry leader, allows us to contribute to Egypt’s transformative journey in financial services. With support from the Central Bank of Egypt, we aim to strengthen eNovate’s role as a hub of innovation while advancing digital transformation across Egypt.”
Nashwa Kamel, CEO at eNovate, also shared her enthusiasm: “We are thrilled to work with FOO. Their commitment to pioneering technology aligns perfectly with our vision to revolutionize Egypt’s financial services. This partnership marks a significant step in our mission to enhance the payment landscape, providing our clients with improved experiences and setting new industry standards.”
