(DNE Photo)
By Mohamed Alaa El-Din
Fawry CEO Ashraf Sabry announced that financial transactions via the company’s collection network increased in the first quarter (Q1) of 2015 by 50%, compared to the same period the last year.
The average size of monthly transactions via Fawry reached over EGP 500m, through 1.2m daily transactions, with a monthly average of 37m transactions. The size of the financial transactions via Fawry over Q1 reached approximately EGP 1.5bn.
The company announced its plan to increase its retail outlets to 60,000 by the end of 2015, an increase over the 40,000 retail outlets since last year. In January, the company also revealed pumping EGP 30m in new investments to develop its networks over this year.
Fawry acquired a fund amounting to $6m from the International Finance Corporation (IFC) in 2012, in return for purchasing 18% of the company’s shares.
The company started working through a paid capital worth EGP 77m, of which 75% belonged to Egyptian banks and entities including: Amlak Egypt, AlexBank, the Information Technology Development Fund, the Arab African International Bank, Raya Holdingand HSBC.
The company was launched in December 2009 with the approval of the Central Bank of Egypt (CBE). Fawry enables Egyptian citizens to conveniently receive and pay all their bills via more than 42m retail outlets. Fawry bills’ payment services are available at banks, through branches, ATM machines in banks, e-banking, retailers and post offices.
