Fawry, Egypt’s preeminent provider of e-payment solutions, has announced its intention to evolve its online payment portal, myFawry, into a full-fledged digital bank by the year 2023. This pivotal move was revealed in a bourse statement recently, ushering in a new era of financial services in Egypt.
The new digital bank, under Fawry’s banner, will offer a diverse array of financial solutions, encompassing payments, consumer lending, as well as savings and investment opportunities. With this strategic pivot, Fawry is poised to redefine the landscape of banking and finance in Egypt.
A testament to the widespread embrace of Fawry’s digital platforms is the remarkable surge in downloads of the myFawry application. Over the course of the first six months of 2023, the application’s downloads witnessed an impressive annual increase of 64.5 percent, amassing an astounding 10.5 million downloads. Furthermore, the app facilitated transactions amounting to EGP 5.3 billion in the initial half of the year, registering an impressive 89.1 percent surge from EGP 2.8 billion in the same period last year.
The journey to digital prominence is reflected in Fawry’s financial accomplishments. The company’s financial statements for the January-to-June 2023 period underscored its remarkable trajectory, with total revenues reaching EGP 1.4 billion—a notable 42.4 percent annual increase.
Founded in 2008, Fawry has solidified its position as Egypt’s premier e-payment platform, catering to both the banked and unbanked population segments. The company reached unicorn status in 2021, having reached a market cap of $1 billion. The country’s progression towards digital transformation is mirrored in the impressive strides Fawry has made, culminating in its ambitious vision for myFawry’s evolution into a digital bank.
Egypt’s central bank has played a significant role in driving the nation’s digital transformation. The issuance of regulations for the licensing, registration, control, and supervision of digital banks in July serves as a testament to the nation’s commitment to embrace the digital future. Additionally, the Financial Regulatory Authority’s introduction of new rules governing the use of financial technology (fintech) in the non-banking financial sector resonates with companies like Fawry that operate in the e-payment domain.
As Fawry embarks on this transformative journey, the company stands at the forefront of shaping the digital financial landscape in Egypt. With innovation as its compass, Fawry’s vision reverberates as a beacon of progress and financial inclusivity.
