The agreement was made in the presence of the Minister of International Cooperation, who is responsible for supporting the two startups with its Egypt Ventures initiative.
Egyptian fintech startup Paynas has signed an agreement with E3lany, an advertising startup aimed at increasing the incomes of Egyptian taxi drivers by installing advertising tools on their cars. The two enterprises are part of Egyptian startup accelerator hub, Falak, which is funded by the Egyptian Ministry of International Cooperation’s venture capital arm, Egypt Ventures.
Following the signed deal, Paynas, a financial benefits platform best known for their digital HR and payroll services, will now unlock access to digital and seamless payments, financial products and other benefits including insurance for Egypt’s thousands of taxi drivers.
According to Paynas, the agreement will empower over 200,000 Egyptian taxi drivers over the next two years, and will help bring Egypt closer to both the Global Sustainable Development Goals (SDGs) and Decent Life initiative launched by President Abdel Fattah El Sisi in 2019.
The signing ceremony took place at the premises of the General Authority For Investment (GAFI) and was witnessed by government officials including Minister of International Cooperation H.E. Dr. Rania El Mashat and Counselor Mohamed Abdel Wahab, Chief Executive Director of GAFI.
Commenting on the partnership, Dr. Mashat stated, “startups have a key role to play in accelerating development efforts in the context of the Fourth Industrial Revolution and in light of the challenges posed by the COVID-19 pandemic. Egypt continues to be a vibrant regional entrepreneurship hub, with Government commitment evident through initiatives such as Egypt Ventures.”
Egypt Ventures is a Ministry of International Cooperation-funded multi-stage investment vehicle focused on making a deep impact on the Egyptian economy and people through a six month accelerator programme available to startups contributing to a future knowledge economy, creating job opportunities, minimising environmental impact and closing the gender pay gap in Egypt.