Fawry in talks to expand in Saudi Arabia; plans to launch digital bank in Egypt

Ahram Online , Wednesday 26 Jul 2023

The giant Egyptian e-payment solutions provider Fawry said it is in talks with Saudi Payments, a subsidiary of the Saudi Central Bank, to secure licenses and certifications necessary for expansion in the Saudi market.

An ad of Fawry s app. Official website.
An ad of Fawry s app. Official website.


The talks with Saudi parties are expected to yield results by the end of 2023, the company said in a statement.

On a separate note, Fawry said it is planning to apply for a digital banking license in Egypt following the release of relevant regulations by the Central Bank of Egypt (CBE).

The CBE's new digital banking rules will "potentially present an attractive opportunity for Fawry to expand its service offering in Egypt. Leveraging our in-house experience in offering financial services, such as lending, we are thoroughly assessing the acquisition of a license on a standalone basis," said Ashraf Sabry, Fawry's CEO.

"Our balance sheet strength will enable us to organically finance and establish a digital bank, furthering our consumer-centric approach to availing new products to the Egyptian market,” Sabry concluded.

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