Fawry Electronic bill service is aiming to cover the entire utilities sector of electricity and water holding companies and its companies which affiliated in various governorates.
Eng. Ashraf Sabry, CEO of Fawry asserted that Fawry finalized the contract with Giza Company for drinking water and wastewater, and it is currently making negotiations to cover the rest water companies in order to cover the entire utilities sector, so the volume of coverage for the telecommunication and utilities sectors become 100%, explaining that it is still negotiating with a number of insurance companies so as to boost its share in the sector.
It is worth mentioning that Fawry started with paid up capital worth EGP77 million, 75% owned by Egyptian banks and institutions including Amlak Real Estate Co, Bank of Alexandria, Technology development fund, Arab African International Bank(AAIB), Raya Holding Company, HSBC and the total cash up EGP87 million in the 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.
IFC pumped $ 6 million in the earlier of 2013 to invest in Fawry in Egypt capturing IFC’s share estimated at 18% of the company’s share.