Fawry plans to raise its EGP 800m through a rights issue to existing shareholders. The proceeds will be directed towards expansions in financial services for both consumers and merchants.
Along with growing the company’s offerings on MyFawry, the offering will help position the company at the forefront of the SuperApp opportunity in Egypt. Management also believes that there are significantly large opportunities in the market that require the company to equip itself with adequate capital to capture those opportunities.
For the acceptance and agent banking services, Fawry is planning to have a considerable diversification into the acceptance business to include larger organised retailers in the food, fashion, and other sectors.
The company has also established a platform that can accommodate the larger organised retailers/suppliers, which is going to lead to solid growth in that sector starting 2022.
A source said that the management expects to start the Sudan operation this quarter in partnership with a local player. FAWRY has finalised the rollout and implementation there and leveraged the technology for the local Sudanese partner to expand operations in Sudan.
He added that the company is currently in negotiations with jurisdictions and other countries, but nothing is yet very solid. Fawry would be targeting MENA and GCC expansion. The company is looking at different opportunities including partnerships, leveraging their technology, acquisitions, and mergers; but nothing is concrete at this point in time.
The company also plans to increase spending on technology and expand points of sale to support growth.
