E-payment companies can contribute to spreading banking services: Fawry CEO

Daily News Egypt
2 Min Read
Ashraf Sabry, the CEO of Fawry E-Payment Network

Ashraf Sabry, the CEO of Fawry E-Payment Network, said the main objective of applying the financial inclusion system is to allow everyone in the society to open a bank account. The system will also give them the opportunity to obtain loans or pay for some services electronically.

Sabry pointed out that banks cannot achieve this goal alone within the financial inclusion plan, because the geographical distribution of bank branches makes it harder for banks to reach all customers. E-payment companies can help banks to reach all customers easily and without extra costs through the authorised outlets of those companies.

He believes that there is an urgent need to develop an integrated technological infrastructure between banks and electronic payment companies to achieve financial inclusion. He urged the banking sector to facilitate its procedures to spread electronic payment services via mobile phones.

Sabry added that when banks allow customers to open new accounts through the electronic payment companies’ outlets without the need to go to bank branches, this will contribute to achieving the state’s plan for financial inclusion. He also argued for the immediate adoption of an integrated network between the Civil Status Authority and other government agencies to complete that step.

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