(Photo courtesy of Fawry)
By Mohamad Alaa ElDin
E-payments solutions company Fawry is negotiating with the Ministry of Interior to provide electronic payment solutions to the civil affairs sector, CEO Ashraf Sabry said.
The move comes as part of the company’s plans to expand their products to the public services sector this year.
Sabry added that the company has been able to provide services to a number of government agencies, such as water companies, electricity, traffic and some public universities.
He explained that the company is preparing for a role in collecting property taxes to save time and effort for citizens, and the real estate authorities responsible for this project. He further stressed the need for technology in all sectors in Egypt, as it is now fundamental, rather than a luxury, which is why it should be further developed and enhanced.
According to the company’s data, Fawry is expecting revenues estimated at EGP 1.87bn during the first quarter (Q1) of 2015. The figure includes collections from electronic payment transactions conducted through the company and periodic collections for public utility services.
It also targets growth of up to 25% for every three months through the new partnerships into which they are continuously entering. Fawry has also contracted with electricity and water companies to collect their bills, in addition to entering an agreement with the Ministry of Interior to collect traffic charges and renew licences.
Sabry added that the company plans to offer five new services this year, most importantly financial services in cooperation with banks, such as electronic portfolios for mobile phones and their users.
Fawry had contracted with the ALEXBank, Audi Bank, and the Commercial International Bank (CIB), after recent negotiations to provide electronic payment services and money transfer services via mobile phones. The total number of banks offering this service has now increased to seven.
The company also contracted with Egypt’s three mobile phone companies, Vodafone, Mobinil and Etisalat, to facilitate money transfer service via mobile phones.
