Fawry may apply for digital banking licence in Egypt

Egyptian digital payments company Fawry said on Wednesday it is potentially applying for a digital banking licence following the recent regulations by the Central Bank of Egypt (CBE).

The CBE’s new rules on digital banking will allow customers to have banking services exclusively through digital channels and platforms.

“The new regulations laid out be the CBE on digital banking are also a welcome change, and potentially present an attractive opportunity for Fawry to expand its service offering in Egypt.” Ashraf Sabry, CEO of Fawry, said in a bourse filling.

“Leveraging our in-house experience in offering financial services, such as lending, we are thoroughly assessing the acquisition of a license on a standalone basis. Our balance sheet strength will enable us to organically finance and establish a digital bank, furthering our consumer-centric approach to availing new products to the Egyptian market,”