Fawry is now planning to futher penetrate the MENA region by expanding to GCC markets such as UAE, Kuwait and Saudi Arabia.
Fawry, the Egyptian fin-tech company that went public last month experiences a 60% rise in stock, reaching a market cap of approximately $441 million (EGP 7.26 billion). The company had offered 36% of its shares ($245.6 million) on the Egyptian Exchange to raise $100 million (EGP 1.64 billion). After over multiple years of success as Egypt’s leading fin-tech company and electronic payment provider, Fawry is now planning to further penetrate the MENA region by expanding to GCC markets such as UAE at the end of the year, and Saudi Arabia and Kuwait within 2020.
“We are looking at Arab countries where many Egyptians live whom we can offer our services to, as we hope to enter the Saudi and Kuwaiti markets in 2020,” said Fawry’s Managing Director, Mohamed Okasha. It’s unsure if Fawry’s services will only be available to Egyptian expats living in these countries, or if they will be extended to public consumers.
Established in 2008 by Ashraf Sabry and Mohamed Okasha, Fawry offers over 200 electronic payment services through its network of over 105,000 services points across 300 cities in Egypt, which includes mobile wallets, ATMs, retail shops and little vendor kiosks, as well as their popularly used online payment gateway that allows online businesses and vendors to collect payments from their customers. According to its website, Fawry’s services have been used by over 20 million customers in Egypt, and handles over 2.1 million daily transactions.
Last but not least, Okasha talked about the completion of a deal with one of the largest UAE banks to use its technology platform, without disclosing the value of the deal or the name of the bank.
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