Managing Director of Fawry Payment Services Mohamed Okasha said that the electronic payments expected to be made via Egypt’s Fawry network will reach EGP 25bn by the end of this year.
Okasha said in a private statement that “the company offers electronic payment solutions in cooperation with more than 15 banks, including six banks of their services available through the network, and the rest is under implementation.”
According to the company’s managing director, the Fawry network is witnessing daily 2 million transactions through its network covering most of the country.
The network provides electronic payment services for a number of sectors, including the telecom sector “Mobile Companies – Telecom Egypt – Internet Companies”, as well as the provision of service payment of utility bills, such as electricity, water, and gas bills, in addition to the installments of social housing.
On the other hand, Okasha disclosed the company’s annual investment of EGP 30-40m to modernise its infrastructure and expand its product base and services.
The company acquired most of the company’s shares in 2015 through an international consortium of several investment companies in a deal worth a total of nearly $100m.
Established in 2010, Fawry offers electronic payment solutions for the four mobile operators Vodafone, Orange Telecom, Egypt Telecom, Egypt electricity companies, nine water companies and sewerage companies, and traffic prosecution.
The service of payment of online violations and renewal of licences, in addition to cooperation with the majority of private banks and government operating in the Egyptian market.
The volume of daily electronic transactions in Egypt does not exceed 10% of the total financial transactions at the present time, while it is supposed to range from 50% to 60% as a minimum according to global indices.