Fawry-Egypt Registers 250% Transactions in Q3

Egypt’s Fawry Electronic Payment services has registered 250% growth rates in the volume of network transactions within the third quarter of the current year in compared to the last year.

IT Manager sector Tarek Al-Bashir said the boom achieved by Fawry was due to the large number of customers as more than half million are trusting Fawry well and its services.

Fawry is aiming to attain EGP6 billion collections by the end of the year driven by periodical collections for facilities services including power and water services.

The company is seeking to develop electronic payment services in the current period with more sophisticated ways to cover the payment of public facilities and government services in addition to increasing electronic portfolios of financial institutions services and banks, Al-Bashir noted.

Furthermore, he explained that Fawry is targeting expanding in the collection of small and medium-sized loan installments and to bolster it with private electronic payment network in remote areas during the upcoming period based on the success of that experience and depending on Egypt post.