The education ministry announced on September 30 that more than one million students have paid their school fees through the Fawry e-payment system since the service was activated this year, reports state-owned Ahram Online. This comes as part of Fawry's partnership with the ministry of education, backing Egypt's vision for financial inclusion, says Mohamed Okasha, Fawry's managing director.
"Fawry was selected because it offers the easiest payment methods, since its service is accessible 24 hours a day and seven days a week, and is available in every street in all of Egypt governorates,” says Mohamed Omar, deputy minister of education and technical education for teachers' affairs.
Egypt's unbanked population soars to 84% of Egypt's 100.8 million; a little over 20 million of whom are school students. Targeting bread-winning parents, Fawry and the ministry of education are on a mission to tighten this gap. There are 105,000 physical Fawry outlets all around the Arab Republic of Egypt, however parents and students can also pay the fees through all bank e-wallets, through mobile phones, and through the “MyFawry” application.
This is not the first time Fawry teams up with the government. In May 2018, the fin-tech startup joined hands with the Egyptian Company for Metro Management and Operation to sell metro tickets.
"Egypt has very large room for growth in its economy and in the financial inclusion sector, and this is a potential that has to be tapped, especially since cash is expected to fade from the scene over the coming two years,” Okasha concludes.