FOO partners with eNovate to improve digital payments in Egypt

The collaboration will leverage eNovate’s established position in the digital payments industry and FOO’s expertise in Software-as-a-Service (SaaS) technology to develop a broader range of digital financial services. 

eNovate, a subsidiary of eFinance Investment Group (EFIG), has been operational since 2009. Initially focused on card services, the company now provides integrated digital payment solutions to a variety of sectors, including fintech, financial institutions, government agencies, transportation authorities, and NGOs.

Expanding service offerings 

The partnership with FOO is aimed at enhancing eNovate's product portfolio by using FOO’s customisable modular platform. FOO’s SaaS solutions range from digital onboarding to digital banking and are designed to offer flexibility, scalability, and security features. As part of the agreement, eNovate will adopt FOO’s Fintech-as-a-Service (FaaS) solutions, which are designed to support the rapid launch and scaling of fintech operations. 

In essence, this collaboration is expected to help fintech companies in Egypt accelerate their growth by providing a comprehensive platform that simplifies product development and fosters innovation. 

Both companies emphasise their shared commitment to advancing digital transformation in Egypt's financial services sector. This partnership builds on eNovate’s track record and aims to deliver end-to-end, compliant solutions designed to cater to the needs of a broad range of clients. 

The first joint project will focus on developing a digital solution for universities across Egypt. Integrated with each university’s learning management system, the solution will allow students to perform various functions, including payments and identity verification, through a unified app. Additional projects are expected to be announced in the future. 

In the company press release, representatives from eNovate remarked that the partnership with FOO aligns with eNovate's goals to improve the digital payments landscape and set new industry standards. Similarly, FOO officials emphasised the importance of innovation in driving digital transformation, noting their commitment to supporting Egypt’s financial services sector in partnership with eNovate and the Central Bank of Egypt.