Egypt’s Fawry Registers 1.1 million Monthly Transactions worth EGP380mn

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Fawry Electronic Payment Service registered 1.1 million monthly transactions with EGP380million total value.

Ashraf Sabry CEO of Fawry said the increase of transactions is due to the increase of services numbers which offered by the company.

Fawry is aiming to cooperate with 5 new banks in order to provide services to banks through ATM in addition to providing financial services for banks throughout Fawry, Sabry noted.

International Finance Corporation (IFC) pumped US$6million to invest in Fawry Egypt , seizing IFC’s Stake which estimated at 18% from the company’s shares.

Fawry is aiming expanding in UAE within the first quarter of the next year and it is actually begun in conducting market studies during the last year and it spent around US$2million.

Fawry began work paid up capital of EGP $ 77 million 75% of which is owned by institutions and Egyptian banks such as Amlak Finance and the Bank of Alexandria ,the Development Fund for Information Technology Arab African International Bank ,Raya Holding and HSBC and the rate cash reached  EGP 87 million beginning of 2012.

The company launched in December 2009 with the approval of the Central Bank of Egypt (CBE), Fawry makes the Egyptian to receive their bills in comfortable way and paying securely through more than 25.000 payment point, Fawry is available in banks such as banks’ branches, Automated Teller Machine (ATM), Electronic Banking, the retailers which are bearing clear markers as well as post offices.