Egypt’s electronic payment network Fawry aims to increase the value of its financial transactions to EGP 40bn by the end of this year, compared to EGP 25bn last year, said Mohamed Okasha, managing director of Fawry.
He added that the company plans to increase its outlets to 100,000 by the end of 2018 compared to 80,000 outlets currently.
Okasha further added that the company’s outlets has many competitive advantages compared to other companies, noting that Fawry e-payment machines are sophisticated and capable of providing more than 15 different financial services, such as recharge mobile phone credit, pay electricity bills, and other services. He pointed out that 70% of Fawry e-payment machines accept bank cards for payment, adding that about 3m prepaid cards – for recharge smart electricity metres – are charged monthly via Fawry, which represents approximately 65% of Egypt’s total electricity cards.
Therefore, the company’s outlets are capable of providing any new e-payment services, he said.
Fawry provides payment services to a wide range of government sectors such as water, electricity, gas, telecommunications, and Internet. In addition to providing loan repayment services to some banks, as well as payment of insurance premiums and social housing installments.
An international consortium of several investment companies has acquired most of the company’s shares in 2015 through a deal worth nearly $100m.
Established in 2010, Fawry offers electronic payment solutions for the four mobile operators Vodafone, Orange Telecom, Egypt Telecom, in addition to Egypt electricity companies, nine water companies and sewerage companies, and traffic prosecution.