Fawry Expands Abroad Egypt by Early-2014

Fawry Electronic Bill service is planning to expand abroad Egypt through launching e-payments services in other countries.

Eng. Ashraf Sabry, CEO of Fawry revealed that the most nominated countries for expanding are Gulf countries, noting that Saudi Arabia, Qatar, UAE are considered to be the largest states nominating to build new network for Fawry.

Sabry has informed Amwal Al Ghad that the board of directors of Fawry approved to expand in Gulf countries as a first phase out of the Egyptian market , asserting that delaying the expansion in the African countries is due to the weakness of infrastructure.

He stated that the volume of transactions and e-payments reached around EGP330 million monthly via Fawry’s network during the first half of this year.

He asserted that the total transactions up EGP11 million daily within the current period , pointing out that the daily transaction numbers via Fawry are around 1.2 million.

He added that the number of e-payments which affiliated to Fawry reached about 32 K spreading across republic, stressing that it is aiming to boost the submitted services through its network and to amend technological infrastructure in order to allow the addition of new services on the network.

He stated that Fawry is currently eyeing to expand its e-payments up 50 K points by the end of this year , depending on the International Finance Corporation (IFC) investments which worth $6 million that pumped by the company in early 2013, capturing 18%  of IFC’s shares in Fawry.

The company started to work with paid-up capital valued at EGP77 million, 75% owned by Egyptian institutions and banks including Bank of Alexandria , the technology Development Fund and Arab African International Bank (AAIB) ,Raya Holding and HSBC.

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