Cashless transactions through Fawry hit EGP 6 bln by end of 2021

Doaa A.Moneim , Sunday 30 Jan 2022

Fawry, through Fawry Accept, amassed EGP 6 billion in volume of non-cash transactions by the end of 2021, representing an increase of 232 percent compared to 2020, Fawry announced on Sunday.

Fawry

The company expounded that some of these transactions were completed through Fawry Acceptance point of sales (PoS) devices, which are currently located at 150,000 retailers that accept all kinds of payment means.

The processed value recorded roughly EGP 5 billion by the end of 2021, rising by 400 percent compared to 2020 and witnessing over 2,407,000 active daily users, according to Fawry.

In this respect, Fawry’s CEO Ashraf Sabry said that digital payments are of great importance due to their role in promoting fintech as a key component in advancing economic development.

He added that financial inclusion and digital transformation in the field of electronic payments and collections work in line with Egypt’s 2030 Vision to provide cashless payment methods on a large scale while reducing costs.

“We at Fawry are working to support and stimulate the use of electronic means and channels in digital payments and protect the rights of users of payment systems and services through merchant PoS devices, Fawry Plus branches, and myfawry application for the ultimate goal of facilitating people’s lives,” Sabry explained.

Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population, processing about three million transactions per day and serving an estimated customer base of 35 million users monthly.

Fawry, listed in the Egyptian Exchange as FWRY.CA, announced in January its intention to list a portion of Fawry for Banking and Payment Technology Services S.A.E’s shares in the US stock market.

It also disclosed its plan to raise its capital with a total of EGP 800 million by issuing rights to the company’s current shareholders.

The company said these plans come to boost the company’s position as a listed company in the local market as well as financing a fresh stage of expansion in the financial services the company introduces to its clients.

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