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The signing ceremony was attended by Cairo Governor Khaled Abd El-Aal and CEO of Fawry Ashraf Sabry, as well as several governorate officials.
The Citi MENA Fintech Challenge offered the region’s Fintech community the opportunity to put their ideas into practice and come up with innovative solutions around four identified problem statements: digitising cash collections; assured payments, Business to business to consumer (B2B2C) enablement, and digitising trade processes.
Company invests EGP 250-300m per year to develop and expand its services
The offering included 36% stake, which represents 21% of its capital.
IPO to close tomorrow, trading begins on Thursday
Fawry’s IPO is likely to boost hopefulness in market, Eid holiday signals calm trading
Institutional offering of Egyptian e-payment network Fawry was 15.9x oversubscribed at EGP 6.46 per share (offer price), having generated about EGP 7.1bn ($431.0m), the offering manager EFG Hermes announced in a press statement on Thursday
Company to implement insurance brokerage requests electronically in 4Q19, revenues expected to reach EGP 869.4m by year-end
Furthermore, according to the statement, shares offered in connection with the institutional offering and the Egyptian retail offering will be offered and sold at the same price (offer price).
21% for strategic investors, between 15-19% stake for IPO and private placement
FV of company’s shares being determined before approval, completion of offering procedures: Okasha
We have achieved great success in funding traders who previously contracted with Fawry, we plan to expand this: Okasha
Technological culture strongly prevalent in Egypt, allows building strong digital financial system
Fawry, the Egyptian e-payment solutions company, signed a partnership with BI-Technologies company in order to link its Sales Buzz application with Fawry FMCG, the recent-established platform for merchants and consumer goods companies. The Sales Buzz application is used by more than 30,000 sales representatives in consumer goods companies in Egypt, Fawry FMCG platform currently serves …
Service reduces time, effort exerted by customers, supports premium banking services: Banque du Caire CEO
50% projected growth in e-payment next year: Okasha
Company’s e-payment injected EGP 90m last year to improve technological structure efficiency, guarantee electronic services quality
Egypt’s electronic payment network Fawry aims to increase the value of its financial transactions to EGP 40bn by the end of this year, compared to EGP 25bn last year, said Mohamed Okasha, managing director of Fawry. He added that the company plans to increase its outlets to 100,000 by the end of 2018 compared to …
Fawry, an e-payments company, aims to expand its Fawry Plus services in the coming period. According the company’s managing director, Mohamed Okasha, it now operates 60 Fawry Plus points of sale (POS). Okasha said the company intends to reach 120 outlets by the end of the year and 360 outlets in two years. Last year, …
Fawry electronic payment service has increased its points of sale (POS) to reach 75,000 at the end of December 2017. A source at the company said that the size of transactions made through Fawry POS reached EGP 25bn at the end of 2017. The official added that the company provided services to more than 20 …
The Egyptian Center for Public Opinion Research (Baseera) announced that the value of financial transactions through the electronic payment network Fawry in Egypt increased to EGP 25bn in 2017 compared to EGP 16bn in 2016 There are many electronic payments network in Egypt in addition to Fawry, such as Bee Smart Payment Solutions and Khadamaty. …
Company invests EGP 40m annually to develop its infrastructure
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 …
The demand for instalment services has increased in light of the current economic conditions in Egypt. Nevertheless, an investment opportunity is created for electronic payment companies to represent the link between the installment customer and the collection, especially that Egypt aims to implement financial coverage. Fawry, the main electronic payment network in the Egyptian market, …
EGP 1bn to be collected on a quarterly basis from 200,000 customers within the mortgage finance agreement
“Fawry,” the Egyptian Market electronic payment company, has continued their role of facilitating donations throughout the year into the holy month of Ramadan. The organisation donates to a vast number of NGOs and charities in Egypt, including the largest institutions that cover most of the governorates. “Fawry’s” goal is to spread the spirit of cooperation …
The adoption of an integrated network between the Civil Status Authority and other government agencies will allow opening bank accounts without going to banks, says Sabry
From the beginning of November, instalments for the new phase of the social housing project reached EGP 1.08bn paid by 270,000 people. These instalments are to book 400,000 units dedicated to low-income citizens in new cities and governorates. Mohamed Okasha, managing director of Fawry, said 270,000 people have paid booking deposits through Fawry. Each …
40% expected growth for the size of the company in 2017
We aim to increase the number of payment points in Egypt to 70,000 in 2017