Fawry-Egypt to Operate 200 Developed Machines by 2014-End

Big 5

Fawry Electronic payment Services is planning to launch and operate 200 developed machines for the most complicated services by the end of the current year.

CEO of Fawry Ashraf Sabry said the numbers of developed machines which are currently operating in the market are 100 machines.

International Finance Corporation (IFC) pumped US$6 million to invest in Fawry in Egypt, acquiring 18% stake.

Board of Directors of Raya approved to buy HSBC bank Egypt stake in Fawry for electronic payment and banks services in a deal worth EGP5.2 million.

HSBC stake in Fawry is 280 thousand shares with EGP18.62 per share and with EGP5.213 million total value of the deal.

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.