FOO, an award-winning B2B SaaS solutions provider headquartered in Beirut, Lebanon, has joined forces with eNovate, Egypt’s leading digital payment solutions provider. The partnership aims to expand eNovate’s portfolio by integrating FOO’s cutting-edge technology and expertise.
eNovate’s collaboration with FOO leverages the latter’s modular, customizable micro-service platform, enabling the delivery of SaaS products tailored for the financial services sector. From digital onboarding to comprehensive digital banking, FOO’s solutions offer unmatched flexibility, scalability, and security, enriching eNovate’s offerings.
As part of this partnership, eNovate will introduce Fintech as a Service (FaaS) solutions to the Egyptian market. FOO’s advanced ‘out-of-the-box’ FaaS model simplifies fintech development, significantly reducing the time and resources required to launch new products. This streamlined process enables fintechs to move from ideation to deployment in months, positioning them for growth and innovation in Egypt’s dynamic financial landscape.
The collaboration’s initial project focuses on creating an end-to-end digital solution for universities across Egypt. This innovative platform, integrated with university learning management systems, will allow students to handle tasks like payments and identity verification through a single, user-friendly app.
Ghady Rayess, Co-founder and Managing Director at FOO, highlighted the significance of the partnership and its role in advancing Egypt’s financial services sector. He remarked, “At FOO, innovation is integral to our approach. We are proud to partner with eNovate, a true industry trailblazer, to contribute to the remarkable transformation taking place in Egypt’s financial services sector. With the support of the Central Bank of Egypt (CBE), we are committed to delivering robust financial solutions that will not only strengthen eNovate’s position as a leading innovation hub, but also further digital transformation across Egypt.”
Nashwa Kamel, CEO of eNovate, expressed excitement about the collaboration, emphasizing the alignment of FOO’s innovative approach with eNovate’s mission to enhance digital payment solutions in Egypt and beyond. She stated, Nashwa Kamel, CEO at eNovate, commented: “We are delighted to be working with FOO. Their commitment to cutting-edge technology and innovation aligns with our vision for providing digital payment solutions in Egypt and across the region. This partnership represents a milestone in our mission to revolutionize the financial landscape, providing our clients and their customers with unparalleled opportunities and enhanced experiences. By combining eNovate’s expertise with FOO’s pioneering solutions, we are positioned to set new benchmarks in the industry, driving forward digital transformation and reinforcing our role as a leader in the global payment ecosystem.”
eNovate is an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s leading investment management firm. Originally established in 2009 as EFIG’s card services division, it has since evolved to deliver comprehensive, integrated digital payment solutions for a range of clients, including fintechs and financial institutions; ministries and governmental entities; transportation authorities; and NGOs. The company sports over 55 million cards issued to date, and millions of transactions processed annually for Meeza, VISA and Mastercard, eNovate continues to position itself at the forefront of Egypt’s digital payment ecosystem.
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