Fawry for e-payment services plans to achieve a 35%-50% growth in its business over 2016.
CEO and Founder Ashraf Sabry said the e-payment market in Egypt is likely to grow by 60% in 2016, driven by the increasing demand for mobile money transfers and the activation of electronic payments in various government services.
The company plans to increase its Points of Sales (POS) to 60,000 from 50,000 in 2016, with a focus on outlets in Upper Egyptian villages and cities of the Delta, he said.
Fawry for e-payments was founded in 2010. It plans to inject EGP 15m during the first half (H1) of 2016 to improve and develop the performance of its services. Fawry offers e-payments solutions through the three mobile carriers; Vodafone, Mobinil, and Etisalat.
It will also include solutions for electricity companies and nine companies in the water sector, and will pay for traffic tickets and licence fees electronically. Fawry has moreover signed cooperation protocols with most governmental bodies and private banks in Egypt.
A group of international investors acquired Fawry for $100m. The group of investors included the Egyptian American Enterprise Fund, Helios Investment Partners, and Mena Long-Team Value Fund.