Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments and Bel Egypt signed a strategic cooperation agreement to provide digital financing solutions for retailers under Bel Egypt's loyalty programme Enaya.
The joint deal contributes to aiding retailers' digital transformation, enabling them to overcome current economic challenges and expand their businesses, according to a press release.
On its part, Fawry will provide advanced solutions that facilitate retailers' access to necessary financing, allowing them to manage their operations more efficiently.
This partnership aligns with the two companies' commitment to supporting small retailers and enhancing their role in the economy.
Bel Egypt has allocated EGP 60 million to secure financing for retailers, with the value of financing available to each participating retailer ranging from EGP 5,000 to a maximum of EGP 150,000.
Meanwhile, retailers can join the programme by contacting Bel or Fawry's sales teams.
Hossam Ezz, CEO of Fawry FMCG, commented: "This strategic step not only aims to facilitate retailers' access to the necessary financing but also paves the way for future innovations in the financial sector."
Hany Arram, Regional Manager of Bel Egypt and North-East Africa, said: "By integrating the latest technologies into our services, we aim to provide retailers with flexible and user-friendly financial solutions, helping them expand their businesses and improve their financial performance in the face of changing market challenges."
In the six-month period that ended on 30 June 2024, Fawry posted 111.10% year-on-year (YoY) higher consolidated net profits at EGP 685.91 million, compared to EGP 324.84 million.
