Castle Development and Fawry have signed a protocol for the electronic payment (e-payment) company to help in collecting customer payments.
Ahmed Mansour, CEO of Castle Development, and Hossam Ezz El-Din, CCO of Fawry, along with a line-up of representatives from both entities were present during the signing.
The agreement allows for customers to pay instalments via two different methods, namely through heading to any of Fawry’s locations, or by paying online.
The agreement comes as part of Castle Development’s efforts to support their customers and eliminate any obstacles that may come their way.
The new payment service will save time and effort, while reducing the chances of having to go to a bank or waiting in line for long periods of time to make a payment. This step is in line with Castle Development’s efforts to digitise its services, especially during the novel coronavirus (COVID-19) pandemic.
It also comes as part of the Egyptian Government’s efforts to digitise all financial services, and opting for electronic collection of payments as an alternative to traditional methods.
Fawry’s services are spread across 194,000 locations nationwide. Based on its own-patented technology, that is fully compliant with international security standards of the ISA 27001 and PA DSS certifications, the e-payments service performs more than three million financial operations daily.
“We constantly strive to provide our customers with various aspects of convenience and safety while making their daily lives smoother,” Mansour said, “Recent challenges following the COVID-19 outbreak allowed us to take a more serious approach towards the different ways that ensure our customers are safe, as they make payments for their future homes, and this is how we landed on Fawry, a company possessing the latest technologies in its field.”
He further added that “the application of digital solutions across varying sectors is no longer a choice, and has become a requirement as far as future endeavours are concerned.
“At Castle Development, we believe in the effect digitisation has on our work, and how it aligns with the government’s efforts of creating a “digital Egypt” to achieve economic growth,” Mansour added, “It also has an immense impact on the country’s work towards exporting real estate as Fawry’s services accept payments in US dollars, Euros, and others, making our products more accessible.”
Fawry offers a line-up of e-payment services for individuals as well as entities through multiple channels including online, using ATMs, mobile wallets and retail points.
“Fawry introduced e-payment methods to Egypt, and through the company, people were able to maximise their use of technology when paying money,” said Ezz El-Din, “Moreover, the company was able to assist its partners, which include banks, owners of medium enterprises, and institutions in adding value to their businesses through introducing digital channels of payment.”
He went on to explain the significance of signing such an agreement with Castle Development.
Ezz El-Din noted, “Partnering with a developer with premium-quality projects taking place at the New Administrative Capital is a paradigm shift for both parties, especially that Castle Development will be the first real estate developer who uses Fawry’s services to receive instalments from its customers.”
“Moreover, the company’s efforts towards digitization and the way it aligns with similar government plans, demonstrate this developer’s remarkable impact on the market,” he added.
Castle Development focuses on the development of high-end real estate projects in Egypt, including residential, commercial, and administrative developments. Established in 2018, the company possesses a paid capital of EGP 1bn, with investments in the NAC alone worth EGP 4bn spread across its three projects in the area.
These include their flagship project of Castle Landmark, the commercial project of East Side, as well as another commercial endeavour currently under construction. Since its inception, Castle Development has made a priority to offer its customers unique services.
These include its one-of-a-kind partnership with Allianz Insurance – Egypt, who will cover all remaining instalments in case the owner, who purchased property from Castle Development, passes away. This runs alongside other partnerships that add more layers to the level of trust the company has with its customers.