Fawry to Launch Digital Bank This Year

Egypt's foremost e-payment solutions provider, Fawry, has unveiled its intention to elevate its online payment gateway, myFawry, into a digital bank by 2023, as outlined in a bourse announcement released on Sunday.

The forthcoming digital bank by Fawry is projected to offer a comprehensive spectrum of financial services encompassing payments, consumer lending, as well as savings and investment solutions.

The myFawry application experienced a remarkable surge of 64.5 percent in downloads over the initial half of 2023 when compared to the previous year, amassing a user base of 10.5 million, as per the company's disclosure.

Related: E-Payment Platform Fawry, Strives for Financial Inclusion of Banked and Unbanked Egyptians

During the first six months of the current year, the myFawry app successfully facilitated transactions amounting to EGP 5.3 billion, marking a substantial 89.1 percent increase from the EGP 2.8 billion recorded during the corresponding period in the prior year.

Fawry's financial records illustrate an impressive growth trajectory, with total revenues reaching EGP 1.4 billion from January to June 2023, signifying a substantial annual upsurge of 42.4 percent.

Established in 2008, Fawry holds the distinction of being Egypt's largest e-payment platform, catering to both the banked and unbanked populations.

Egypt's recent strides towards digital transformation have been noteworthy, with the central bank introducing regulations in July for the licensing, registration, monitoring, and oversight of digital banks.

Likewise, the Egypt's Financial Regulatory Authority issued new rules of fintech within the non-banking financial sector, which concern e-payment companies like Fawry.

Source: AhramOnline