Fawry Announces Plans To Launch Digital Bank
Fawry, Egypt’s leading e-payment solutions provider, has announced a plan to turn its online payment portal myFawry into a digital bank in 2023. Fawry says the new digital bank will provide a variety of financial services, including payments, consumer lending, savings and investments. According to Fawry’s financial statements (reportedly), the company achieved total revenues of EGP 1.4 billion from January until the end of June 2023, representing a 42.4% annual increase. Additionally, Fawry added that the app handled EGP 5.3 billion worth of transactions in the first half of the year, an 89.1 % surge from EGP 2.8 billion in the same period last year.
Fawry is one of the largest Egyptian digital transaction and e-payment platforms, offering ways to pay bills and other financial services, including providing payment gateways, e-commerce solutions and microfinance solutions to consumers and businesses through more than 250,000 agents and a variety of channels.
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