Ashraf Sabry, CEO of Fawry electronic payment company, disclosed that his company has received an investment of $20m from a foreign investment fund. Currently, the company is working to expand and develop the services it provides to consumers.
Fawry annually invests EGP 30-40m to develop its technological infrastructure and increase the number of points offering its services in all regions and villages across Egypt.
The company expects reaching EGP 25bn in processed financial transactions by the end of the current year. The company currently concludes 2 million transactions per day.
Most of Fawry’s shares were acquired in 2015 by an international consortium of several investment companies in a deal worth nearly $100m.
The company is currently negotiating with a number of banks to provide a service for collecting monthly installments from the beneficiaries of social housing projects.
Based on the agreement the company is working on, owners of units will pay the monthly installments they owe via Fawry points of sale, instead of having to visit a bank branch.
Fawry’s payments network has processed nearly EGP 1bn every quarter from 200,000 clients as installments for units of social housing projects, which are paid every three months. The last quarerly acceptance of installments was in September, under the agreement concluded between the company and the Mortgage Finance Fund.
Fawry provides electronic payment services to many sectors including, telecommunications, such as mobile operator Telecom Egypt, internet companies, and paying utilities bills, such as water, electricity, and gas.
Founded in 2010, Fawry has been providing electronic payment solutions for the four mobile operators: Vodafone, Orange, Etisalat, and Telecom Egypt, along with electricity companies in Egypt and nine companies in the water and wastewater sector. The company also provides electronic payment for traffic fines, renewing licenses, and cooperates with most public and private banks in the Egyptian market.