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Tuesday, 25 February 2020

Egypt has large room for growth in financial inclusion: Fawry co-founder

Doaa A.Moneim , Monday 9 Sep 2019
Fawry
FILE PHOTO: The headquarters of Fawry Company "Online Payment Portal" are pictured in Cairo, Egypt February 15, 2018. (Photo: Reuters)
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Co-founder of Fawry for Banking and Payment Technology Mohamed Okasha said the successful offering of Fawry on the EGX gives a positive massage for investors that the Egyptian stock market is a significant hub for payment technologies or any projects related to financial inclusion.

Okasha told Ahram Online that the Fawry offering was a secondary one with 36 percent of its shares, and that this is not an offering that aims to increase the company’s capital.

“Fawry does not intend to increase its capital in the near future as there is no need for that. Furthermore, the capital of the company now is 707 shares at 70 piasters per share on the EGX,” Okasha clarified.

He added that e-commerce is a promising sector that is going to thrive in Egypt and needs attention from all the concerned entities in the domestic market.

The size of the economy is a key pillar for digital banking services, so, Egypt’s economy size is very attractive for such technologies, Okasha said.

“Egypt has very large room for growth in its economy and in the financial inclusion sector, and this is a potential that has to be tapped, especially since cash is expected to fade from the scene over the coming two years,” he said.

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