Fawry is one of the largest e-payment solutions providers in the Egyptian market.
The initiative allows customers holding e-wallets from any bank or financial institution to easily perform cash transactions at electronic points of sale (POS) across Fawry's extensive network.
This collaboration aims to enhance financial inclusion and improve access to financial services for a broader segment of society.
Customers can now securely and efficiently deposit and withdraw funds through Fawry's branches and network with a maximum transaction limit of EGP 4,000.
Financial inclusion in Egypt increased by 181 percent, with the number of Egyptians holding transactional accounts rising from 17.1 million in 2016 to 48.1 million out of 67.3 million eligible citizens (aged 16 and above) in June 2024, according to the Central Bank of Egypt's (CBE) latest report.
"This initiative is an important step forward in our mission to expand financial inclusion in Egypt," said Tarek Zohairy, chief commercial officer of Financial Services & Digital Solutions at Fawry.
Zohairy added that this partnership significantly advances Fawry’s efforts to drive digital transformation and create a more inclusive financial community in Egypt.
Furthermore, Mohamed Shawky, senior business development manager at EBC, emphasized the importance of innovation in making financial transactions more accessible.
"This service contributes to a more digital and financially inclusive future while strengthening Egypt's position as an attractive investment destination,” Shawky stated.
Meanwhile, Banque Misr highlighted its commitment to expanding services through electronic channels, facilitating smoother financial transactions for customers.
It indicated that the new service aligns with the state's efforts to promote financial inclusion and supports the bank's ongoing role in bolstering the Egyptian economy.
Currently, the e-wallet's cash deposit and withdrawal service is available at all Fawry branches that are equipped with banking and electronic payment technology. It is planned to expand to all Fawry POS, including retail outlets.
This partnership reflects a shared commitment to developing innovative financial solutions that address the needs of the Egyptian market and aligns with Egypt's Vision 2030 for a more inclusive financial landscape.
Fawry, founded in 2008, provides solutions for both the banked and unbanked. It facilitates electronic bill payments, mobile top-ups, e-ticketing, and more and processes over six million transactions daily for approximately 52.9 million users monthly.
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