The leading supplier of e-payment solutions in Egypt, Fawry, has publicly announced plans to transform its myFawry online payment platform into a full-fledged digital bank by 2023.
A recent bourse announcement disclosed this game-changing development, marking the beginning of a new era for Egypt’s financial industry.
Fawry’s innovative digital bank will provide customers with a full suite of banking services, from bill pay and consumer loans to savings accounts and investing opportunities. Fawry’s strategic reorientation has the potential to significantly alter Egypt’s financial system.
The phenomenal growth in the number of downloads of the myFawry app is evidence of the broad acceptance of Fawry’s digital platforms. A staggering 10.5 million downloads of the app were recorded in the first half of 2023, representing a year-over-year growth rate of 64.5%. In addition, the app-enabled transactions totaled EGP 5.3 billion in the first half of the year, an incredible 89.1 percent increase over EGP 2.8 billion in the same time the previous year.
The path that Fawry took to achieve financial success mirrors his journey to the forefront of the digital space. According to the company’s financial statements, from January to June of 2023, sales amounted to EGP 1.4 billion, an increase of 42.4 percent year over year.
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Huge impact on Egypt’s emerging digital financial sector
Fawry, which launched in 2008, is now Egypt’s go-to online payment platform, serving both the banked and unbanked population segments. In 2021, the company’s market value hit $1 billion, making it a “unicorn.” Fawry’s excellent achievements match the country’s progress towards digital transformation, culminating in its bold plan to turn myFawry into a digital bank.
Fawry stands as a prominent digital transaction and e-payment platform in Egypt, boasting substantial scale. Its primary focus lies in facilitating bill payments and extending a range of financial services. Notably, Fawry offers payment gateways, e-commerce solutions, and microfinance solutions to both individual consumers and enterprises. This expansive network is supported by a vast agent base exceeding 250,000, operating through diverse channels.
The Bank of Egypt has been instrumental in advancing Egypt’s move towards a fully digital economy. The nation’s dedication to the digital future is shown by the July issuing of laws for the licensing, registration, control, and supervision of digital banks.
Companies like Fawry that operate in the e-payment space have taken notice of the new regulations introduced by the Financial Regulatory Authority on the use of financial technology (fintech) in the non-banking financial sector.
With this new venture, Fawry will be at the forefront of influencing Egypt’s emerging digital financial sector. Driven by the guiding principle of innovation, Fawry’s visionary outlook resonates as a symbol of advancement and the promotion of financial inclusiveness.
Fawry partners with Smart Schools for secure tuition payments
What to know about Fawry
Fawry Plus, being the first banking agent duly authorised by the Central Bank of Egypt, offers customers a range of numerous banking and financial services, replete with a plethora of advantageous features. Our foremost objective lies in the optimization of efficiency and convenience, which we diligently accomplish through the establishment and maintenance of an extensive network comprising over 200 branches strategically dispersed across Egypt.
Aligned with the strategic agenda of the Egyptian government pertaining to the promotion of financial inclusivity, Fawry offers an extensive range of Microfinance solutions tailored specifically for Merchants and Small and Medium Enterprises (SMEs), particularly those who have no access to financial institutions.
Fawry Consumer Finance goals to provide consumers with top-of-the-line “buy now, pay later” opportunities, which allows for a seamless shopping experience, leveraging innovative technology to empower customers to purchase desired goods and services at their preferred pace and convenience.
As a licensed insurance brokerage, Fawry Insurance Brokerage (FIB) provides its services to millions of Egyptians lacking proper insurance coverage, allowing them to capitalize on our huge network of retailers. FIB provides broad insurance solutions catering to the needs of SMEs as well as individuals.