(Photo Courtesy of Fawry)
By Lamia Nabil
MasterCard has named Egypt-based electronic payments company Fawry the “Best acceptance initiative in the Middle East and Africa” award for “its contribution towards promoting commerce in Egypt”.
In a press release on Monday, MasterCard praised Fawry for “producing a non-traditional payment solution tailored to the market. This initiative increases consumer uptake by 30% in Egypt, and simplifies the payment process for consumers in the market,” said Magdy Hassan, Egypt country manager for MasterCard.
“Financial inclusion for all consumers throughout the Middle East and Africa region is a key priority for MasterCard, as we believe that everyone should have access to formal banking products,” he continued. “Fawry’s service has the potential to revolutionise the payment industry in Egypt, a country where only 10% of the population of 85 million people has access to formal banking services.”
He added that such services will also allow more merchants to become a part of the electronic payments cycle, which will give them “the opportunity to safely conduct transactions and appeal to consumers who prefer not using cash”.
“Fawry offers consumers a single outlet to pay their bills and top up their mobile phones,” CEO and Founder of Fawry Ashraf Sabry. “We have established ourselves as the first and largest bill payment aggregator in Egypt.”
Fawry offers its bill payment to all MasterCard holders through ATM machines, convenience stores, and Fawry’s website. The services are also available through retail outlets for those who do not have access to banks, ATMs or computers.
The release said that Fawry’s bill payment infrastructure will increase market penetration by acquiring a growing network of access points at small grocery, stationery and pharmacy stores, which are equipped with point-of-sale machines to facilitate payments.
Fawry’s bill payment services are now available at 18,000 retailers and 1,300 post offices across Egypt.
Fawry launched their portal in June 2012 as the first online bill payment portal in Egypt for settling various accounts.
MasterCard cardholders can use their Fawry account to view, manage and pay bills, make donations or top up mobile phones.
