Egyptian E-Payment Platform Fawry Will Launch Digital Bank in 2023
The digital bank will provide a wide range of financial services, including savings, investments, payments and consumer lending.
Fawry, an Egypt-based e-payment solutions provider, has announced that they will transform their online payment portal, myFawry, into a digital bank by the end of 2023. The digital bank will provide a wide range of financial services, including savings, investments, payments and consumer lending.
Fawry, an Egypt-based e-payment solutions provider, has announced that they will transform their online payment portal, myFawry, into a digital bank by the end of 2023. The digital bank will provide a wide range of financial services, including savings, investments, payments and consumer lending.
The Fawry app has handled LE 5.3 billion worth of transactions in the first half of 2023, an 89.1% increase from the amount handled in the same period in 2022. The company also gained total revenues of LE 1.4 billion in the same period, a 42.4% increase compared to the first six months of 2022.
“The new regulations laid out by 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 earlier this July, when the Central Bank of Egypt issued new rules that would allow customers to have banking services exclusively through digital means. “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,”
Founded in 2008, Fawry is the largest e-payment platform in Egypt with 10.5 million downloads. It experienced a 64.5% surge in downloads during the first half of 2023, compared to the same period last year. Its services are tailored to the needs of both banked and unbanked users across Egypt.
