EP 46: Unleashing Financial Freedom: Wael Fakharany on Empowering the Underbanked and Redefining Fintech in the Middle East

In this episode of Couchonomics, we welcome Wael Fakharany, CEO of Edenred Middle East, a leading provider of smart technology solutions in the UAE. Wael shares his expertise in empowering businesses across various sectors, including retail, facilities management, and construction, through technology-driven financial solutions.

Edenred UAE offers a comprehensive range of products, such as the C3Pay card, C3Pay mobile app, and Edenred Payroll Portal, designed to streamline financial processes and enhance employee experiences. Their mission is to increase banking services uptake among the unbanked and underbanked population in the UAE, making financial services accessible to all.

Wael reveals that Edenred processes a staggering two and a half million salaries every month, serving around two million individuals. Their commitment to their "C3 pay champions" is evident, with a focus on their clients who are the fuel that runs the company.

The interview delves into various topics, including the importance of solving financial inclusion problems for micro and small businesses to indirectly benefit their employees. Wael envisions Edenred becoming the platform of choice for the underbanked, empowering individuals and corporations alike.

Topics on the menu also are the potential of open banking, the growth opportunities in Egypt despite challenges, and the importance of user-centric thinking and the adoption of emerging technologies like blockchain.

Throughout the episode, Wael's passion for innovation and commitment to profitability in the fintech industry shine through. Edenred's tripled tech investment and continued profitability showcase their ability to navigate and thrive in a rapidly evolving landscape.