ICEC

Egyptian e-payment firm Fawry seeks overseas expansion in 2018

Egypt’s leading e-payment solutions Fawry is planning to expand into the GCC region and Africa this year, managing director Mohamed Okasha told Reuters.

The Egyptian e-payment startup is seeking to increase proceeds and operations by nearly 50%, Okasha added, noting that the company’s growth amounted to 70% in 2017.

The company operates about 1.8 million in payments per day now, he noted, expecting payment operations to increase by 50% this year.

The firm is currently dealing with 250 public and private entities in Egypt expecting that the number to exceed 1,000 entities by the end of 2018, he added.

Okasha further noted that Fawry is targeting medium-sized shops and online selling websites

Fawry is investing $9 million per year and most of the current investments are injected into mobile phones’ applications as it is the company’s vision for future, he emphasised.

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