Egyptian fintech, Fawry, has announced that its Buy Now, Pay Later (BNPL) business has surpassed EGP 1 billion ($20.57 million) in total disbursements as of September 2024.
The milestone, which comes just over a year after the service’s official launch, is attributed to several factors, including leveraging Fawry’s extensive customer base which exceeded 10 million downloads of the ‘myFawry’ app at the time of launch as well as the introduction of the ‘myFawry’ prepaid card.
“This achievement is a clear testament to the company’s ability to leverage its existing consumer base while introducing innovative services that cater to underserved segments of the population.
It further underscores Fawry’s position as a trailblazer in financial inclusion and embedded finance in Egypt,” said Ashraf Sabry, Chief Executive Officer of Fawry.
Established in 2008, Fawry is Egypt’s largest e-payment platform, in a market (fintech and e-commerce) that is witnessing significant venture interest in recent years as new and established startups continue raising capital.
🇪🇬FUNDING | #Egyptian Operations Fintech, SETTLE, Raises $2 Million After Processing Over $1 Million in its Testing Phase
SETTLE has partnered with leading Egyptian banks by integrating with the Automated Clearing House (ACH).https://t.co/ZETojvxFE5 @ShorooqPartners @PlusVC_… pic.twitter.com/cwcu8SAjFj
— BitKE (@BitcoinKE) September 19, 2024
Fawry caters to both the banked and unbanked populations. Its core services include:
- Facilitating electronic bill payments
- Mobile top-ups, and
- Providing digital solutions for millions of Egyptians
Fawry also offers additional services such as:
- e-Ticketing
- Cable TV payments, and a
- A wide range of other digital service
Fawry’s peer-to-peer model allows corporations and SMEs to accept electronic payments via multiple platforms including websites, mobile phones, and POS systems. With a network of 36 member banks, a mobile platform, and over 370,000 agents, Fawry processes more than 6 million transactions daily, serving an estimated 52.5 million users each month.
Under the leadership of Founder and CEO, Ashraf Sabry, since its inception in 2008, Fawry has grown into Egypt’s largest e-payments platform, with a valuation exceeding USD 2 billion.
With the National Bank of Egypt among its stakeholders, Fawry now enables around 35 million banked and unbanked Egyptians to pay their bills monthly.
In 2022, the company processed transactions worth over USD 10 billion, generating USD 200 million in revenue and USD 50 million in net profits.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
_____________________________________
_____________________________________
