In an exciting development for Egypt’s financial and digital sectors, FOO, a leading B2B Software as a Service (SaaS) provider, has partnered with eNovate, a subsidiary of the eFinance Investment Group. This collaboration, announced on Thursday, November 21, 2024, is set to enhance eNovate’s delivery of integrated, end-to-end digital payment solutions and fuel the nation’s ongoing digital transformation.
A Strategic Collaboration to Transform Financial
eNovate, formerly known as eCards, has cemented its position as a leader in Egypt’s digital payment ecosystem. Having issued over 55 million cards and facilitated millions of transactions across Meeza, VISA, and Mastercard, the company is a key player in the financial sector. By teaming up with FOO, eNovate aims to leverage cutting-edge SaaS technology to expand its portfolio and streamline operations for a wide range of clients, including fintechs, government entities, NGOs, and transportation authorities.
The partnership will focus on introducing Fintech as a Service (FaaS) solutions, a game-changing approach designed to help startups and financial institutions quickly launch and scale their products. By utilizing FOO’s customizable platform, fintechs can now accelerate their time-to-market, transitioning from concept to deployment in mere months, a process that traditionally takes years.
Empowering Digital Transformation
FOO’s innovative modular platform is at the heart of this partnership. The platform offers a suite of micro-services tailored to financial services, including digital onboarding, banking, and payment solutions. These tools ensure unmatched flexibility, scalability, and security, enabling businesses to thrive in the competitive financial landscape.
Ghady Rayess, Co-founder and Managing Director of FOO, highlighted the collaboration’s significance, stating: “Innovation drives everything we do at FOO. By partnering with eNovate, we are excited to contribute to Egypt’s remarkable transformation in financial services and empower businesses to achieve rapid, sustainable growth.”
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Key Projects in the Pipeline
One of the standout initiatives stemming from this partnership is the development of a comprehensive digital solution for Egyptian universities. This project will integrate seamlessly with universities’ learning management systems, providing students with a single app for making payments, verifying identities, and accessing various services.
More groundbreaking projects are set to follow, showcasing the potential of this collaboration to reshape Egypt’s digital economy.
Driving Growth in Egypt’s Financial Ecosystem
With the support of the Central Bank of Egypt, this partnership reinforces the shared commitment of FOO and eNovate to fostering innovation in Egypt’s financial services sector. By delivering scalable, compliant, and customer-focused solutions, the collaboration will help businesses and organizations thrive in a rapidly digitizing world. Nashwa Kamel, CEO of eNovate, expressed her enthusiasm for the partnership:
“We are delighted to join forces with FOO to drive further innovation and deliver exceptional value to our clients and their customers.”
A Vision for the Future
As digital transformation continues to reshape economies, this partnership represents a significant step forward for Egypt. By combining FOO’s technological expertise with eNovate’s established infrastructure, the collaboration is poised to redefine how businesses and institutions operate in a digitally driven era.
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