Monday, June 17, 2024

Nowpay – Egypt’s Leading Financial Wellness Platform – Announces Partnerships With the World’s Biggest Names in the Food & Beverages Sector

NowPay, Egypt’s leading financial wellness platform, announces partnerships with some of the world’s biggest names in the food and beverages sector, including McDonalds, KFC, Pizza Hut, Kraft Heinz, Americana Group, Edita and Wadi Group.

The new partnerships will cover 40,000 employees in Egypt, and are a stunning example of how globally renowned brands are adopting NowPay’s services.

NowPay enables employees to receive salary advances at any time – encouraging financial wellness. Employees can request up to 80% of their salary, in advance, at any time. The platform currently serves hundreds of companies that are focused on the wellness of their employees across Real Estate, Manufacturing, Tech, Retail, F&B and most verticals enabling it to extend its services to hundreds of thousands of employees. It currently manages around 8,000,000,000+ EGP (8 billion) in salaries, with 100% corporate retention rate.

NowPay enables employees to better manage their budgets, overcome cash flow problems and avoid unexpected events by offering instant cash advances by the employee’s monthly salary. Employees can simply request and cancel transactions via NowPay’s mobile app. The platform is free for corporations and removes the hassle of handling corporate loans. NowPay advances the money, and there is zero liability, ensuring no change in employers’ cash flow.

There is a significant market and demand for salary advances, which is growing rapidly. The MENA labour force totals 152 million people and the pandemic has contributed significantly to financial anxiety suffered by employees.

Mostafa Ashour, CEO of NowPay, commented: 

“We are thrilled to partner with some of the world’s most famous brands in food and beverages – it is an amazing endorsement of NowPay. More than ever, employees are anxious about their finances whilst employers want to improve staff retention. These partnerships will add over 21,000 employees to NowPay’s reach and market dominance, and help employees manage their savings and expenses more efficiently.”

Yasmine Daoud, Talent Business Partner of Kraft Heinz, commented: 

“The Instant Salary Advances facility by NowPay has been great for our employees. It has given them the flexibility to take control of their finances, reduced stress, and improved their overall wellbeing. It is a win-win!”

Maged Tadros, Vice President of Human Resources and Administration at Edita, commented: 

“We are delighted to have partnered with NowPay. The ability for employees to access their salaries on any day of the month with no approvals, bureaucracy or paperwork has been hugely beneficial.”

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