In a significant development, Fawry FMCG, a leading financial technology solutions provider for consumer goods companies, has announced a collaboration with the Arabian Food Industries Company, also known as “Domty,” a prominent food and beverage company in Egypt. The partnership aims to enhance electronic collection systems, drive digital transformation in the food and beverage sector, and promote financial inclusion across various sectors within the Egyptian market.
Under this agreement, representatives from Domty will be able to deposit daily collected funds from merchants at Fawry branches, covering all Egyptian governorates. This initiative aligns with Fawry’s ongoing commitment to provide advanced financial technology solutions, particularly focusing on the food and beverage industry, with the ultimate goal of transitioning towards a cashless society.
Fawry FMCG, as the largest electronic financial platform in Egypt, serves both consumers and companies through a vast network of service points across the country. With a reach of over 320,000 merchants and connections with more than 100 consumer goods companies, Fawry FMCG is dedicated to digitizing supply and demand processes. The objective is to create a seamless, fully digital, and cashless ecosystem for interactions between retailers, sales representatives, and consumer goods companies.
read also Egypt’s FinTech MNT-Halan Adds New $130M, Latest in Four Oversubscribed Bond Issuances
Hossam Ezz, CEO of Fawry FMCG, expressed his satisfaction with the collaboration, stating, “We are pleased to cooperate with the Arabian Food Industries Company, Domty.” Ezz reiterated Fawry’s commitment to entering into agreements that promote digital transformation and streamline electronic collection processes. Moreover, he emphasized Fawry’s intent to offer state-of-the-art financial technology solutions to simplify cash management for sales representatives.
read also Egypt’s Fawry Partners with MoneyHash to Unleash Digital Payment Innovation
Mohamed El-Damaty, CEO and Vice Chairman of the Board of Directors of Domty, viewed the partnership as a significant step towards digitalizing financial transactions with their extensive network of merchants and distributors throughout Egypt. El-Damaty highlighted the potential to enhance the distribution network’s efficiency and improve the performance of their sales team. He concluded by expressing their mutual aim to expand the use of cash management technology and advance financial inclusion solutions. This collaboration is poised to bring substantial changes to Egypt’s financial landscape, benefitting a wide range of stakeholders.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard