(Ecofin Agency) - Massif Fund, an SME financing firm belonging to Dutch FMO, granted a €1 million credit line to Dopay, a cloud-based payroll service. The interest rate, as well as the maturity period of that line, has not yet been disclosed.
Thanks to this credit line, Dopay will develop its financial services and boost financial inclusion in Egypt. “Supporting dopay is an important step for the Fund to further support entrepreneurs in Egypt, where access to financial services remains limited in large parts of the country,” indicated Jeroen Harteveld, fund manager of Massif Fund.
Egypt has the lowest financial inclusion rate in the MENA zone. According to the Global Findex 2017, only 32.8 % of adults over 15 have a bank account in Egypt. About 7 million of these unbanked adults make cash transactions, the index added.