By Mohamed Adel
Technological developments in using the means of communications as a way to facilitate financial transactions between individuals and institutions is drawing the attention of countries across the world, as many are looking to use these means for banking transactions while distancing themselves from cash. In light of these developments Daily News Egypt spoke with Ashraf Sabry, CEO of Fawry, a company working in the field of banking and electronic payment technology.
First, what is the value of financial transactions via Fawry services currently?
The value of annual financial transactions that take place through Fawry is about EGP 4bn, or $571m, and the company is looking to increase this in the coming year by making Fawry more widespread and offering more services to customers.
How many Fawry machines are on the Egyptian market?
Fawry machines are available in about 35 thousand retail outlets including pharmacies, grocery stores, supermarkets, mobile phone and internet shops, and elsewhere. The service is also available at 4200 ATMs, 1300 post offices, and 15 banks.
How many financial transactions does Fawry handle?
Fawry currently processes more than one million payments daily, and the company is aiming to increase this.
What are the details of the company’s plans for expansion inside and outside Egypt?
Fawry announced that it is targeting regional expansion starting with the UAE. This will be followed by other markets in the Gulf Arab states along with geographical expansion in Egypt and constant updating to the service
What services does Fawry offer to clients in Egypt?
The Fawry network enables Egyptians to conveniently receive and review bills from their commonly used purchases of goods and services, and to pay the bills via the unified electronic network that covers all parts of Egypt. Customers can also get electronic receipts as proof of payment, and can save and print their bills and lists of previous payments made.
The Fawry network allows companies and governments alike appropriate integration at cost with a platform for settling payment, and also allows them to update their corporate accounts immediately.Fawry network operates according to the highest rates of global security, with commitment and full compatibility with the “ISO” standards (PA DSS ISO 27001) for banking technology and electronic payments.Fawry is considered a pioneer in offering services for electronic billing and payment (EBPP) in Egypt.
How many areas offer the Fawry service?
Fawry is present in more than 300 cities and villages across Egypt to allow citizens to pay their bills electronically, via their mobile phones, or through more than 40 thousand outlets located across the country. The service is made available to consumers from various social and economic classes. Fawry also has announced its plan to expand regionally beginning in the UAE, followed by other markets in the Gulf Arab states.
What is the company’s vision in terms of financial transactions via the internet in the Arab world?
The lifestyle of the consumer in the Arab world increasingly uses technology as a means of communication through social networks. Citizens are beginning to prefer electronic services over conventional means, especially for paying bills or making online purchases. Consumers are also beginning to demand more freedom in choosing how to access and pay their bills, and want to be able to do so at any time and from any place.
What is the Fawry service?
Fawry is a bilingual electronic platform offering bill payment services in both Arabic and English to the public through an electronic portal. It offers these services at the highest levels of security and comfort.The service is available 24 hours a day, seven days a week. Fawry enables consumer to pay their bills, whether phone bills, flight reservations, or donations to charity. All of this is done over a multi-channel network that includes online payment, mobile wallet, and Points of Sale (POS) at retail stores, ATMs at banks and their branches and elsewhere, all in complete safety. Consumers’ accounts with the companies are updated at the same moment payment is made and the customer gets a receipt.
Through its contemporary and innovative solutions Fawry enhances the field of electronic bill payment and the administration of payment operations, which rely on the latest in information technology, banking solutions, and payment systems. It enhances the experience of companies and institutions in issuing and collecting bills and the experience of consumers in paying these bills.