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Cairo-based Fawry was founded in 2008, and the company is one of the early risers in Egypt’s fintech space. It offers digital payments to Egyptian companies and individuals. In this most populous Arab nation, many people do not have access to bank accounts.
Fawry has more than 250 electronic payment services. With 105,000 service points in the North African countries, the firm services via kiosks, ATMs, mobile wallets and retail shops among other outlets. Its services have been used by 20 million Egyptian customers – payers, businesses, and major financial institutions. The fintech claims to handle over 2.1 million transactions every day, contributing to the max volume of USD 2.3 Bn.
A month ago, the company IPO’d on the Egyptian Stock Exchange. Since then, it has basked in success as listed shares rose dramatically. Its share price has risen to around LE 10.24 from the debut of LE 6.46. Currently, Fawry has a market cap of USD 441 Mn. It offered 35 percent of its shares on the local exchange to raise USD 100 Mn.
On the back of this significant run, the fintech pioneer is looking to take on new challenges. Fawry has revealed its plans to expand operations in the United Arab Emirates by the end of the year. Not just that, but the company also has plans to foray into Saudi Arabia and Kuwait in 2020. These ambitions are yet under the leadership of co-founders Mohammed Okasha and Ashraf Sabry.
Fawry is looking to complete a deal with one of the largest listed UAE banks. When the agreement is finalized, the company’s technology platform will be used in the Gulf country. While the value of the deal remains under the sheets, it’s obviously a million-dollar milestone which will see Fawry become even larger.
On why it’s not diving deeper into Africa, Okasha revealed to Reuters that the continent’s markets do not have the eyed size. According to him, Fawry still finds chances with Egypt’s 100 million people. As a matter of fact, the company intends serving Egyptians who reside in other Arab nations.
During its IPO, it was rumored that Fawry would launch in other African countries. The company issued no official statement regarding this. It’s only normal for misinformation to thrive when a company raises a colossal funding round or strikes gold on the stock market.
With Oksha’s revelation, it’s obvious the company is targeting Egyptians – perhaps around the world. Even if the company is going to offer its services to non-Egyptians, its other customers will likely be Arabs.
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