Fawry for Banking Technology and Electronic Payments S.A.E. is the leading Egyptian digital transformation & fintech platform that revolutionized the concept of Omni channel payment in Africa and the Middle East over the past decade.
· Fawry offers more than 1,186 financial services to consumers and businesses through more than 225 thousand locations in an easy way to pay bills and other services in multiple channels (online, using ATMs , mobile wallets and retail points)

· Fawry is the chosen platform for over 29.3 Million customers in Egypt. More than 3.06 Million operations daily are processed on Fawry's network, the rapid market penetration and consistent quality of service helped Fawry's transaction volume soar to a remarkable 81 Billion-EGP record in less than 11 years Since its launch.

Fawry

Cairo - Fawry for Banking Technology and Electronic Payments witnessed a block trading agreement valued at EGP 903.88 million on Wednesday, 18 October 2023.

The Egyptian Exchange (EGX) announced that the block deal was executed on 161.40 million of the company's shares, according to a bourse filing.

In the first half (H1) of 2023, the consolidated net profits attributable to the owners of Fawry enlarged to EGP 283.05 million from EGP 52.30 million in H1-22.

Operating revenues hiked by 42.40% to EGP 1.44 billion in H1-23 from EGP 1.01 billion in H1-22, while the basic and diluted earnings per share (EPS) increased to EGP 0.08 from EGP 0.02.

As for the standalone business, the net profit after tax amounted to EGP 273.95 million as of 30 June 2023, whereas the revenues hit EGP 985.75 million.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).

Egypt: Fawry records $29.25mln block trading deal

Fawry, Egypt's leading provider of electronic payment and digital financial services, announced its cooperation with 'MoneyHash', an all-in-one payment and revenue operations platform serving the Middle East and Africa. MoneyHash removes the complexity and resource-intensive tasks involved in building, optimizing, and expanding your payment infrastructure. Tailored to the distinctive payment landscape of these regions, this collaboration presents significant and accelerated growth opportunities for businesses at various stages of development.

By combining MoneyHash's innovative payment orchestration capabilities with Fawry's established expertise in payment gateways, merchants can now accelerate their go-to-market strategies, mitigate losses from fraudulent transactions, and enhance their checkout experience for higher conversion rates.

Customers also have the opportunity to streamline and automate their payment procedures, leading to improved user experiences, reduced payment failures, and effective risk management.

'Fawry' and 'MoneyHash' together will offer premium technical support services delivered by a team of experts. Additionally, users can benefit from exclusive discounts when utilizing "Fawry" electronic payment channels through MoneyHash

Mohamed Kamel, Head of Acceptance and Business Development for 'Fawry', expressed his happiness in cooperating with 'MoneyHash' saying that signing the joint protocol adds significant value to the electronic payments market and the field of banking technology. He also affirmed that the cooperation helps accelerate the pace of digital transformation and achieve financial inclusion in the Egyptian market, as it provides a package of advanced digital services and payment solutions.

Nader Abdel Razek, CEO of 'MoneyHash' said: "Excited to work with Fawry team to bring the best payment experience to merchants in Egypt and globally. He added: "This is our first featured integration offering special rates, premium support, and coordinated technical innovation. Our collaboration with a market leader like Fawry demonstrates both firms' commitment to modernizing payment infrastructure in emerging markets."

About Fawry:

Fawry is Egypt's largest e-payment platform, catering to both the banked and unbanked population. The platform facilitates electronic bill payments, mobile top-ups, and various other digital services, including e-ticketing and cable TV. Fawry enables corporates and SMEs to accept electronic payments through multiple platforms such as websites, mobile phones, and POS terminals. With a network of 36-member banks, over 310,000 agents, and a mobile platform, Fawry processes an average of 4 million transactions per day, serving an estimated customer base of 50 million users quarterly.

About MoneyHash:

MoneyHash is Middle East & Africa's first all-in-one flexible payments and revenue operations platform that covers all of your payment needs. Their mission is to empower businesses in emerging markets by abstracting the complexity and effort of building and maintaining payment infrastructure, flows, and operations.

The platform supports businesses with the tools and microservices to connect with payment service providers, build payment features, create and manage transaction routing and recovery rules, and centralize reporting with no code or hectic operations.

'Fawry' cooperates with the 'MoneyHash' platform to revolutionize payment experiences in Egypt - mid-east.info

The deal will also allow users to benefit from the exclusive discounts offered to them while using Fawry e-payment channels through MoneyHash platform

Fawry for Banking Technology and Electronic Payment (FWRY) has partnered with the Egypt-based all-in-one flexible payments platform MoneyHash to promote e-payments in Egypt, as per an emailed press release.

The cooperation will enable retailers to accelerate marketing strategies, reach target clients, control e-payment frauds, and enhance customer's e-payment experience, along with facilitating the payment procedures.

Furthermore, both firms will provide technical support services via a team of experts in the field.

The deal will also allow users to benefit from the exclusive discounts offered to them while using Fawry e-payment channels through MoneyHash platform.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Fawry, MoneyHash team up to boost e-payments in Egypt

To enhance digital financial services solutions and financial inclusion

Fawry FMCG, the leading financial technology solutions provider for consumer goods companies, announced its collaboration with the Arabian Food Industries Company "Domty", the leading food and beverage company. to provide solutions to facilitate electronic collection systems, digitize the food and beverage sector, and enhance financial inclusion in all sectors in the Egyptian market.

Under this agreement, "Domty" representatives will be able to deposit funds collected daily from merchants in "Fawry" branches covering all governorates of the Arab Republic of Egypt, as part of Fawry's constant endeavor to enrich all sectors with an advanced set of financial technology solutions, especially the food and beverage sector, and spread the culture of digital transformation to achieve a cashless society.

"Fawry FMCG" is considered the first and largest electronic financial platform in Egypt that serves consumers and companies through various channels and thousands of service points throughout Egypt. "Fawry" FMCG platform currently serves more than 320 thousand merchants and more than 100 consumer goods companies, with the aim of digitizing Supply and demand processes, creating an ecosystem where the relationship between retailer, sales representative and the consumer goods company is seamless, digital and cashless.

Hossam Ezz, CEO of "Fawry FMCG" said: "We are very pleased to cooperate with the Arabian Food Industries Company "Domty."

He added: "Fawry is also striving to enter into many agreements with companies and institutions that will contribute to spreading digital transformation and enhance electronic collection processes. Besides, "Fawry" is keen to provide the latest financial technology solutions to sales representatives to facilitate cash management methods."

Mohamed El-Damaty, CEO and Vice Chairman of the Board of Directors of the Arabian Food Industries Company "Domty," said: "Cooperating with "Fawry FMCG", the first and most widespread consumer goods company in payment solutions, is an important step towards enhancing the digitization of our financial transactions with our merchants and distributors throughout Egypt".

He added: "this cooperation develops and raises the efficiency of the distribution network and develop the performance of the sales team, so we are proud of this partnership, and we aim to expand the use of cash management technology as well as financial inclusion solutions."

-Ends-

Domty collaborates with Fawry FMCG

Egyptian Arabian Food Industries Company (Domty) collaborated on Wednesday with Egypt's e-payment giant Fawry FMCG to provide solutions which will facilitate electronic collection systems.

The partnership also aims to digitise the food and beverage sector and enhance financial inclusion in all sectors in the Egyptian market, a statement published by Domty company said.

Under this agreement, Domty representatives will be able to deposit funds collected daily from merchants in Fawry branches covering all governorates of the Arab Republic of Egypt.

This came as part of Fawry's constant endeavour to improve all sectors with an advanced set of financial technology solutions, especially the food and beverage sector, and spread the culture of digital transformation to achieve a cashless society.

"Fawry is also striving to enter into many agreements with companies and institutions that will contribute to spreading digital transformation and enhance electronic collection processes," Hossam Ezz, CEO of Fawry, said.

The agreement is an important step towards enhancing the digitisation of Domty's financial transactions with its merchants and distributors throughout Egypt, Mohamed El-Damaty, CEO of Domty company.

Egypt's dairy firm Domty deals with Fawry to boost financial inclusion | Amwal Al Ghad

Egyptian e-payment giant, Fawry emphasized in a statement on Thursday the efficiency and security of its electronic defences across all its platforms and all the services it provides electronically.

"There is no validity to any rumors circulating on social media pages claiming that Fawry has been subjected to attacks or information system breaches." the statement read.

No customer data breaches detected

The company said it immediately conducted an investigation into its servers and live broadcast. Based on the tests conducted by the company, it has been found that the servers serving customers and banks have not been subjected to any breaches, it added.

The company also confirms that no financial or banking data of customers have been leaked. Furthermore, the company asserts that it adheres to the highest standards of cybersecurity in accordance with the requirements of global regulatory authorities.

Egypt's Fawry reiterates efficiency, security of its electronic systems | Amwal Al Ghad

Fawry, the leading company in electronic payment solutions and digital financial services in Egypt, confirms the efficiency and security of its electronic defenses across all its platforms and all the services it provides electronically.

There is no validity to any rumors circulating on social media pages claiming that Fawry has been subjected to attacks or information system breaches.

The company immediately conducted an investigation into its servers and live broadcast. Based on the tests conducted by the company, it has been found that the servers serving customers and banks have not been subjected to any breaches.

An Important Statement From Fawry - mid-east.info

Fawry, Egypt's leading electronic payment network, crashed on Thursday, leading to widespread advisories warning users to immediately delete bank accounts details from the app.

Initial reports from customers indicated that random payments had been taken from their accounts, leading to speculation that the network was hacked.

Threat intelligence platform Falcon Feed reported a cyberattack that led to users' data being compromised.

In response, the Arab African International Bank confirmed that Fawry was under a cyber attack, with personal identification information (PII) of customers potentially exposed.

Immediate action was taken to block access, but the activity presents a significant threat to the security of customer data, the bank said.

The bank urged its employees to remove any cards registered on Fawry from the system and to closely monitor their transactions for potential issues in the coming weeks.

However, Fawry issued a formal statement denying any cyber breaches within Egypt, instead emphasising the efficiency and security of its electronic defences across all platforms and services.

Fawry's statement came as many customers faced issues accessing the website, which displayed server error messages, and were unable to reach their accounts on the mobile application.

The statement from Fawry said: "The company denies any rumours some have spread on social media about being subject to an attack or breach of its information system."

"The company immediately investigated its servers live and based on the tests performed, it was determined that the servers serving customers and banks were not compromised.

"The company also assures that no financial or banking data of customers have been leaked and that it applies the highest cybersecurity standards according to the requirements of global regulatory bodies."

Hackmanac, a specialised cybersecurity site, confirmed a ransomware attack against Fawry by the LockBit 3.0 gang, part of 25 similar assaults impacting companies globally today.

Hackmanac sources its data from the deep or dark web, the virtual space where cybersecurity attack data is traded. The site rated the attacks on Fawry as 5 out of 5 in terms of severity, with the scale starting from 1 to 5.

The gang has set a deadline of November 28 for Fawry to meet its ransom demands before it proceeds to publish the acquired data on the dark web.

A source from Fawry said that all data is fully encrypted and secured, hinting that the incident might be an attempt to merely disrupt the server operations rather than a full-scale data breach.

Mohamed Ragab, a financial expert, told The National that a global hacking monitor confirmed that the app was hacked, despite the company denying it.

He said he was told the app stopped working today because of a lot of users rushing to cancel their linked credit cards.

Payments platform Fawry crashes but company denies cyber attack or data breaches

Fawry, a company for banking and electronic payments technology in Egypt, announced on Friday that it has hired a global cybersecurity company to ensure that its data was not leaked or hacked following the sudden malfunction that the application suffered on Thursday.

Fawry explained that the reason behind the "My Fawry" application stopping was due to high traffic from customers that exceeded the app's capacity, and assured that it will resume working normally soon.

In its statement the company explained that the results of an investigation conducted by Group-IB - a global company specialized in the field of cybersecurity - to examine Fawry's systems and applications used by the company's individual and institutional clients concluded that they have not been hacked nor has any data has been leaked.

The company assured it remains completely safe to use by individuals and institutions, after verifying the infrastructure of Fawry applications used by its customers.

The "Fawry" Company added that the regulatory authorities were informed of the results of Group-IB's work.

No data related to the cards used on the company's applications or any financial transactions related to individuals and institutions was leaked, it said, assured that the use of these applications is completely safe.

"Fawry" reveals high traffic as reason for app halting, confirms all data is safe - Egypt Independent

Transmitting prize money to the winners of "Egypt Padel Tour" tournaments via myfawry "yellowcard"

Egypt, Cairo-Fawry, the leading company in the field of banking technology and electronic payments, praised the level of competition in "Egypt Padel Tour" a series of Padel tournaments that have been held for three years until now, during which 35 tournaments have been organized in 27 different places in 5 cities with the participation of more than 700 players, with the aim of providing a professional competitive experience for Padel players.

"Fawry" also praised the honorable organization, professionalism and high competitive spirit demonstrated in the tournaments held this season since the beginning of March and continuing until the end of this year.

"Fawry" sponsors the "Egypt Padel Tour" as part of its permanent strategy to support the Egyptian community, the sports community, and sports tournaments. The company aims to support and effectively promote competitions and tournaments in the sports field in Egypt by providing all forms of material and moral support that contribute to improving the Egyptian sports system.

"EPT" tournaments are a huge gathering of Padel enthusiasts from all over Egypt, a game that has gained rapid spread in recent years, as it suits all ages of men and women, with different levels of physical fitness. The tournament also represents an opportunity to know each other, exchange experiences and cultures, and enjoy the wonderful entertainment atmosphere that develops friendship bonds on the competitive level and even outside the framework of matches on the social level.

In addition to sponsorship, "Fawry" supports "EPT" with the latest financial technology, allowing the prize money to be awarded to the winning players via myfawry "yellowcard", and allowing players the possibility of issuing the card during of the tournament for free, in order to enhance the culture of contactless transactions in sports events and the sports field in general.

Wael Wahby, Chief Marketing Officer at "Fawry", said: "This cooperation is at the heart of our commitment to support sports institutions and their efforts towards digital transformation and digitizing the organization of events and tournaments".

He added:" On the other hand, our sponsorship of EPT tournaments comes to exploit our huge customer base to shed light on modern sports such as Padel and enhance their spread to provide the opportunity for game lovers to express themselves, demonstrate their competence and abilities, and encourage the competitive spirit among them through a series of matches that bring together players in different age groups from all governorates of the Republic, which helps in building champions who can raise Egypt's flags in regional and global tournaments."

Khaled Nagy, CEO of EPT, said: "I am proud to cooperate with "Fawry", the leading company in the field of electronic payment in Egypt. It is also an important step that means a lot to me and the company. It will help us grow and expand by holding other tournaments and spreading the culture of the game among Egyptian public."

"Fawry" praises the honorable organization of the "Egypt Padel Tour" tournaments for Padel sports - mid-east.info

Fawry books stellar results, with a 42.4% year-on-year revenue expansion driven by a broadened service offering and diversified revenue streams.

Cairo, Egypt Fawry :the "Company", FWRY.CA on the Egyptian Exchange, Egypt's leading provider of e-payments and digital finance solutions, announced today its consolidated results for the six-month period ended 30 June 2023. The Company recorded revenues of EGP 1,444.2 million, expanding 42.4% year-on-year (y-o-y). Fawry recorded adjusted net profit of EGP 327.9 million, up 290.4% y-o-y and yielding a net profit margin (NPM) of 22.7%. Statutory net profit came in at EGP 283.1 million, growing 441.2% y-o-y and with an associated margin of 19.6% in 1H2023. On a quarterly basis, the Company posted total revenues of EGP 768.5 million, growing 44.6% year-on-year. Meanwhile, adjusted net profit for the quarter stood at EGP 181.1 million, recording bottom-line expansion of 341.5% year-on-year and with an NPM of 23.6%. Finally, statutory net profit booked EGP 159.8 million during 2Q2023.

Chief Executive's Review:

As we head into the second half of the year, I am proud to announce Fawry's strong financial and operational results for the first half of 2023. Throughout this six-month period, the Company has continued building on its strong customer base and extensive service offering, managing to book stellar results across our lines of business. Our top-line expansion of 42.4% year-on-year, reaching EGP 1,444 million during 1H2023 is a direct reflection of our ability to adapt to evolving consumer needs as we continue to diversify our services and appeal to more consumers throughout the country. By the same token, our increased profitability at the gross profit, EBITDA, and adjusted net profit levels are consistent with our continued cost control efforts, both direct and indirect, in response to increased inflation which has affected the country since 2022.

During the period, our four main business segments continued their growth trajectory, with the Banking Services segment expanding well beyond the rest to contribute 52.3% of revenue growth for the period. Our Alternative Digital

Payments segment continues to expand in absolute terms, while making way for the achievement of our long-term vision of revenue diversification and slowly declining in its concentration towards overall revenues.

On the operational front, I am excited to announce that the Company has managed to achieve record EBITDA and Net income margins since its inception. It is also worth mentioning that in June the company reached a new milestone by managing to process 5 million transactions a day, cementing Fawry's operational and technical strength. There has also been a remarkable expansion of our mobile wallet transactions and mobile wallet throughput value, recording 67.6 million transactions and EGP 80.5 million during the six-month period, a rise of 73.9% and 107.7% year-on-year, respectively.

Fawry Releases 1H2023 Results - mid-east.info

Egyptian digital payments company Fawry said on Sunday a 42.4 percent year-on-year growth to record revenues of 1,444.2 million Egyptian pounds, according to its consolidated results for the six-month period ended 30 June 2023.

Fawry recorded adjusted net profit of 327.9 million pounds, up 290.4 percent y-o-y and yielding a net profit margin (NPM) of 22.7 percent. Statutory net profit came in at 283.1 millio0n pounds, growing 441.2 percent y-o-y.

On a quarterly basis, the company posted total revenues of 768.5 million pounds, growing 44.6 percent year-on-year. Meanwhile, adjusted net profit for the quarter stood at 181.1 million pounds.

Egypt's Fawry earns EGP 324mln net profit during H1 | Amwal Al Ghad

Fawry for Banking Technology and Electronic Payments logged consolidated net profits attributable to the owners valued at EGP 283.05 million in the first half (H1) of 2023, an annual leap from EGP 52.30 million.

The operating revenues enlarged by 42.40% year-on-year (YoY) to EGP 1.44 billion in H1-23 from EGP 1.01 billion, according to the consolidated income statements.

Basic and diluted earnings per share (EPS) hiked to EGP 0.08 as of 30 June 2023 from EGP 0.02 a year earlier.

Standalone Business

Fawry generated EGP 273.95 million in standalone net profit after tax during the first six months (6M) of 2023, versus EGP 40.63 million in 6M-22.

Operating revenues jumped to EGP 985.75 million in H1-23 from EGP 662.79 million in the year-ago period.

Financials for Q2-23

In the second quarter (Q2) of 2023, the EGX-listed firm witnessed YoY higher consolidated net profits attributable to the owners at EGP 159.77 million, compared to EGP 24.14 million.

Moreover, the revenues climbed by 44.60% YoY to EGP 768.47 million in April-June 2023 from EGP 531.29 million.

As for the standalone business, the net profits after tax surged to EGP 133.86 million in Q2-23 from EGP 1.99 million during the same quarter in 2022.

Non-consolidated revenues widened to EGP 526 million in the three-month period that ended on 30 June 2023 from EGP 345.10 million a year earlier.

Ashraf Sabry, CEO of Fawry, commented: "Our four main business segments continued their growth trajectory, with the banking services segment expanding well beyond the rest to contribute 52.30% of revenue growth for the period."

"In June, the company reached a new milestone by managing to process 5 million transactions a day, cementing Fawry's operational and technical strength," Sabry added.

The CEO noted: "There has also been a remarkable expansion of our mobile wallet transactions and mobile wallet throughput value, recording 67.60 million transactions and EGP 80.50 million during the six-month period, a rise of 73.90% and 107.70% YoY, respectively."

In the Janaury-March 2023 period, the consolidated net profits after tax enlarged to EGP 142.05 million from EGP 47.83 million a year earlier, including minority interest.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).

Fawry sees higher profits in H1-23; consolidated revenues hike 42.5%

As per its internal records, the company's total revenues amounted to EGP 1.4 billion over the period of January-June 2023, registering a 42.4 percent annual increase.

Fawry, Egypt's leading e-payment solutions provider, announced a plan to turn its online payment portal myFawry into a digital bank in 2023, according to a bourse statement on Sunday.

Fawry said the new digital bank will provide a variety of financial services, including payments, consumer lending, savings and investments.

The downloads of the myFawry application surged by 64.5 percent on an annual basis during the first six months of 2023, reaching 10.5 million, the company revealed.

Fawry added that the app handled EGP 5.3 billion worth of transactions in the first half of the year, an 89.1 percent surge from EGP 2.8 billion in the same period last year.

According to Fawry's financial statements, the company achieved total revenues of EGP 1.4 billion from January until the end of June 2023, representing a 42.4 percent annual increase.

Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population.

Egypt has been taking impressive leaps towards digital transformation in recent years.

In July, the country's central bank issued rules for licensing, registering, controlling, and supervising digital banks.

In a similar vein, the Financial Regulatory Authority issued new rules for the use of financial technology (fintech) in the non-banking financial sector, which concern e-payment companies like Fawry.

Fawry announces plans to launch digital bank

Cairo - Fawry, a leading company in the field of fintech and banking services has announced the signing of a sponsorship contract for the sisters Farida and Nour Fikry, players of the Egyptian national junior badminton team and Ittihad El Shorta club, in the presence of Engineer Wael Wahby, Chief Marketing Officer at Fawry, and Mr. Mohamed Fekry, the father of the two players.

The sponsorship comes within the framework of Fawry's keenness to support the emerging generations of athletes through a range of various activities and training programs in order to develop their talents, raise the level of their capabilities, and enhance their competitive spirit to qualify them to participate in all regional and international tournaments, in light of the efforts of the Egyptian state represented in the Ministry of Youth and Sports and its national initiatives to develop talents and prepare Olympic champions.

Fawry will work to provide full support to the two brilliant talents Farida and Nour Fekry in badminton, because of their talents and capabilities that enabled them to achieve local and international titles, support them in striving towards achievements, raising the Egyptian flag in all sports forums, and achieving the dream of reaching the 2028 Olympics in the United States of America.

Farida Fekry had won the bronze medal in the under-15 junior doubles competitions in the Arab Badminton Championship last November, which was hosted by Kuwait. She was crowned first place in the team competitions in the Republic's U-15 badminton championship for the 2021-2022 season, and she also won second place in the individual championship of the Republic in 2021-2022.

As for Nour Fekry, she won the first place in the singles, doubles and team competitions in the U-13 Badminton Championship last season 2022-2023, and the first place in the individual badminton championship in the 2020-2021 U-11 years.

Fawry signed a sponsorship contract with the sisters Farida and Nour Fekry, Egypt's badminton champions

Fawry, a leading company in the field of fintech and banking services has announced the signing of a sponsorship contract for the sisters Farida and Nour Fikry, players of the Egyptian national junior badminton team and Ittihad El Shorta club, in the presence of Engineer Wael Wahby, Chief Marketing Officer at Fawry, and Mr. Mohamed Fekry, the father of the two players.

The sponsorship comes within the framework of Fawry's keenness to support the emerging generations of athletes through a range of various activities and training programs in order to develop their talents, raise the level of their capabilities, and enhance their competitive spirit to qualify them to participate in all regional and international tournaments, in light of the efforts of the Egyptian state represented in the Ministry of Youth and Sports and its national initiatives to develop talents and prepare Olympic champions.

Fawry will work to provide full support to the two brilliant talents Farida and Nour Fekry in badminton, because of their talents and capabilities that enabled them to achieve local and international titles, support them in striving towards achievements, raising the Egyptian flag in all sports forums, and achieving the dream of reaching the 2028 Olympics in the United States of America.

Farida Fekry had won the bronze medal in the under-15 junior doubles competitions in the Arab Badminton Championship last November, which was hosted by Kuwait. She was crowned first place in the team competitions in the Republic's U-15 badminton championship for the 2021-2022 season, and she also won second place in the individual championship of the Republic in 2021-2022.

Fawry is the official sponsor of the sisters Farida and Nour Fekry, Egypt's badminton champions - mid-east.info

This line-up of stories will help you discover the latest happenings around the tech world, today

Egypt's leading e-payment solutions provider, Fawry, has announced intent to redefine the financial landscape of Egypt with its online payment portal, myFawry, waiting to transform into a full-fledged digital bank by 2023.

This strategic move will usher in a new era of financial services in the country, offering a comprehensive range of solutions, from payments to consumer lending, savings, and investments.

Fawry's progress is underscored by the remarkable increase in myFawry app downloads and transactions, reflecting the company's strong digital presence and widespread adoption.

With Egypt's central bank actively supporting digital transformation, Fawry is well-positioned to shape the future of banking in the country.

Fawry's decision to evolve into a digital bank aligns with global trends of financial technology disruption and digital transformation.

As more consumers embrace digital banking and payment solutions, established players in the payment industry are leveraging their existing platforms to diversify their offerings.

Fawry's pivot into digital banking not only expands its market reach but also contributes to financial inclusion in Egypt by providing accessible financial services to a wider population.

Tech Trivia: Which command moves data to the clipboard and removes it from its original location?

Maxbyte, a UAE-based innovator in integrated digital and robotics solutions, has secured a significant $5 million investment from e& capital in its Series A financing round.

This infusion of capital bolsters Maxbyte's plans for market expansion and product development.

With a strong presence in industries like automotive, defense, utilities, and more, Maxbyte aims to drive the Industry 4.0 revolution through smart connected industrial enterprises.

This partnership between e& capital and Maxbyte is set to accelerate the digitization of manufacturing in the UAE, contributing to the nation's ambitious Industry 4.0 goals.

Industry 4.0, marked by the convergence of digital technologies and manufacturing processes, is reshaping traditional industries across the globe.

Maxbyte's focus on offering innovative solutions for Industry 4.0 underscores the importance of automation, connectivity, and data analytics in transforming manufacturing.

The collaboration between e& capital and Maxbyte exemplifies the role of venture capital in driving technological innovation.

Saudi traveltech startup FlyAkeed has secured a significant $15.2 million in a Series A funding round, led by PIF's Sanabil Investments and Elm Company, with participation from Artal Capital and Al Rajhi Partners.

FlyAkeed's flight-booking platform caters to both individual consumers and businesses, offering real-time insights for travel managers to ensure policy compliance and cost control.

With this funding, FlyAkeed is set to expand its digital offerings in Saudi Arabia, integrating fintech solutions to enhance the travel experience and enable better management of corporate travel.

The travel industry has experienced a significant shift towards digitization, with traveltech startups like FlyAkeed capitalizing on this trend.

As travelers seek convenient and efficient booking solutions, the traveltech sector has seen substantial investments to enhance the travel experience and streamline processes.

FlyAkeed's ability to cater to both individual and corporate travelers positions it well for growth, especially as businesses increasingly seek technology-driven solutions for travel management.

The infusion of Series A funding highlights the sector's potential and underscores the role of technology in shaping the future of travel.

Cut is a command that allows you to "cut out" a selection of text or other data and save it to the clipboard. It is similar to the Copy command, but instead of just copying the data to the clipboard, it removes the selected data at the same time.

For example, if you highlight a sentence in a word processing program and select "Cut," the sentence is removed from the document and is added to the clipboard. Therefore, selecting "Cut" is an simple way to both copy and delete a selection in a single step.

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Egypt's Fawry to launch digital bank. 2 other stories and a trivia - Ripples Nigeria

Cairo, Egypt: 'Fawry', the leading company in the field of banking technology and digital payments, has signed a cooperation protocol with BM Consumer Finance Souhoola, a leader in providing financial solutions, to enhance electronic payment services, provide Souhoola's clients with a distinct set of the latest digital technologies in financial transactions, and provide various payment methods for merchants.

This partnership enables "BM Consumer Finance Souhoola" customers to use 'Fawry Accept' systems, provided by 'Fawry' to meet the needs of customers and ensure speedy payment of their various purchases, through 'Fawry' merchant's network through POS devices available in the traditional stores, as well as the electronic payment gateway for online stores.

This partnership comes within the framework of Fawry's support for financial inclusion, expansion of the digital transformation process, and promotion of cashless payment methods. It also aims to provide the Egyptian consumer finance sector with the latest innovative financial technology solutions and various payment channels with easy procedures, to facilitate customers' lifestyles, and meet all their needs.

Heba El-Awady, Chief business officer at 'Fawry', said: "We are proud to cooperate with BM Consumer Financing 'Souhoola', a pioneer in the field of consumer financing".

She added: the cooperation is a practical implementation of Fawry's strategy to reach new segments and target the largest number of beneficiaries in many sectors to benefit from Its services and various digital payment methods".

She stressed that the cooperation with "BM Consumer Finance Souhoola" comes in succession to the partnerships and cooperations that Fawry has concluded with various companies and institutions specialized in consumer finance, which contributes to strengthening Fawry's position as a safe, easy and fast payment method to be the first choice for the Egyptian consumer in the digital payments market.

Ahmed El- Shanawany, Managing Director of "BM Consumer Finance Souhoola said: "The collaboration with 'Fawry', one of the leading companies in the field of electronic payments in Egypt, is an important step in our endeavor to provide easy and diversified payment options to our customers,as Fawry is one of the largest companies in all governorates".

He added, "We are happy with this step, and excited to work together to meet our customers' needs and provide a unique experience that includes easy financing systems and fast and advanced payment methods."

A cooperation protocol between Fawry and BM Consumer Finance Souhoola to enhance electronic payment solutions

'Fawry' provides electronic payment services to BM Consumer Finance Souhoola customers:

Cairo, Egypt 'Fawry', the leading company in the field of banking technology and digital payments, has signed a cooperation protocol with BM Consumer Finance Souhoola, a leader in providing financial solutions, to enhance electronic payment services, provide Souhoola's clients with a distinct set of the latest digital technologies in financial transactions, and provide various payment methods for merchants.

This partnership enables "BM Consumer Finance Souhoola" customers to use 'Fawry Accept' systems, provided by 'Fawry' to meet the needs of customers and ensure speedy payment of their various purchases, through 'Fawry' merchant's network through POS devices available in the traditional stores, as well as the electronic payment gateway for online stores.

This partnership comes within the framework of Fawry's support for financial inclusion, expansion of the digital transformation process, and promotion of cashless payment methods. It also aims to provide the Egyptian consumer finance sector with the latest innovative financial technology solutions and various payment channels with easy procedures, to facilitate customers' lifestyles, and meet all their needs.

Heba El-Awady, Chief business officer at 'Fawry', said: "We are proud to cooperate with BM Consumer Financing 'Souhoola', a pioneer in the field of consumer financing".

She added: the cooperation is a practical implementation of Fawry's strategy to reach new segments and target the largest number of beneficiaries in many sectors to benefit from Its services and various digital payment methods".

She stressed that the cooperation with "BM Consumer Finance Souhoola" comes in succession to the partnerships and cooperations that Fawry has concluded with various companies and institutions specialized in consumer finance, which contributes to strengthening Fawry's position as a safe, easy and fast payment method to be the first choice for the Egyptian consumer in the digital payments market.

Ahmed El- Shanawany, Managing Director of "BM Consumer Finance Souhoola" said: "The collaboration with 'Fawry', one of the leading companies in the field of electronic payments in Egypt, is an important step in our endeavor to provide easy and diversified payment options to our customers,as Fawry is one of the largest companies in all governorates".

A cooperation protocol between 'Fawry' and BM Consumer Finance Souhoola to enhance electronic payment solutions - mid-east.info

Egyptian e-payment giant Fawry signed on Thursday a cooperation protocol with BM Consumer Finance Souhoola to enhance electronic payment.

The protocol also will provide Souhoola's clients with a set of digital technologies in financial transactions, along with various payment methods for merchants.

The cooperation also allows Souhoola's customers to use 'Fawry Accept' systems. These systems permit the consumer to access their needs and ensure speedy payment of their purchases.

The partnership is part of Fawry's framework to support financial inclusion, expand the digital transformation process, and promote cashless payment methods.

It will also provide the Egyptian consumer finance sector with the latest innovative financial technology solutions, in addition to a number of payment channels with easy procedures.

The Chief business officer at Fawry Heba El-Awady said "we are proud to cooperate with BM Consumer Financing Souhoola, a pioneer in the field of consumer financing."

Egypt's Fawry, Souhoola to enhance e-payment solutions | Amwal Al Ghad

Cairo - July 18 2023: Egyptian digital finance platform, Fawry, is studying whether it will apply for a digital banking license, and is researching the feasibility of acquiring the license without bringing in a foreign partner, explained Fawry CEO Ashraf Sabry to Ashraq Business.

Fawry already has experience with lending and other financial activities, Sabry noted, adding that the company expects to make its official decision by the end of the year.

Last week, the Central Bank of Egypt (CBE) recently issued new amendments to regulations regarding licensing, registering, and supervision of digital banks. The CBE announced that the new requirements included a minimum issued and paid-up capital of LE 2 billion ($65 million) for digital banks.

Fawry, an EGX-listed company, has no difficulties with financing to establish a digital bank, Sabry emphasized, pointing out that the company maintains good liquidity volumes when discussing the company's current capital.

The epayments company is also looking to expand into Saudi Arabia and is already in talks with the country's central bank. Sabry stated that the company is seeking to finalize its expansion plans this year.

The Fawry CEO told Ashraq Business that the Saudi Arabian market is promising, highlighting its financial solvency and strong competition in the field of epayments.

Earlier this year, Sabry announced that Fawry was planning on launching a "remittance hub" by the end of the year. The hub would facilitate money transfers to Egypt from Egyptian expats living in the MENA region. At the time, Sabry explained that Fawry was in talks with Banque du Caire and the Abu Dhabi Islamic Bank.

Fawry considers CBE digital banking license, seeking to expand into KSA market

"Fawry" cooperates with the smart school system (Smart Schools) to promote the digital payment solutions in the education technology sector

Cairo, Egypt -'Fawry', a leading company in the field of banking technology and digital payments, announced its cooperation with the smart schools organization (Smart Schools) with the aim of building an electronic payment gateway as well as providing a set of advanced digital technology solutions to collect tuition fees in a safe way.

The partnership between "Fawry" and "Smart company", the owner of the smart school organization (Smart Schools), contributes to increasing reliance on digital payments in the education sector, which benefits students and parents, through the use of "Fawry". Smart Schools will enable students and parents to easily pay all tuition fees and their digital payments through "Fawry" portal, eliminating the need to rely on traditional payment methods.

According to this partnership, "Fawry" is working on digitizing the education sector and schools through the latest electronic payment solutions for more than 625 smart schools and nearly 2 million and 400 thousand students, through various "Fawry" channels such as Fawry POS machines that cover all parts of Egypt, in addition to "Fawry Plus" branches spread across all governorates, and "myFawry" mobile application.

Hossam Ezz, Chief Commercial Officer of Fawry, said: "We are very pleased with our partnership with Smart, the company that owns the smart schools organization (Smart Schools) that embodies Fawry's strategic direction in making partnerships and agreements with various institutions and companies in many sectors.

He added: "Fawry" also seeks to digitize payment processes for the education sector and work to shift from cash solutions to secure and advanced digital payment solutions.

Ahmed El-Laithi, CEO of Smart, which owns the smart schools organization (Smart Schools), stated: "We are proud of our partnership with "Fawry" for what it is doing in implementing the Egyptian state's strategies for digital transformation in accordance with Egypt's Vision 2030.

"Fawry" cooperates with (Smart Schools) to digitize the electronic payment process - mid-east.info

High Profile Alliance to launch the myfawry "yellowcard" prepaid card

'Fawry' makes a quantum leap in the financial technology sector and launches the prepaid myfawry "yellowcard"

'Fawry' provides customers with contactless payment services via myfawry "yellowcard"

'Fawry' signs a strategic partnership with 'Banque Misr' and Egyptian Banks Company- EBC to issue myfawry "yellowcard"

Cairo, Egypt - Fawry, the leading provider of banking and electronic payment technology services, announced the launch of the myfawry "yellowcard", in cooperation with 'Banque Misr', and 'Egyptian Banks Company "EBC", operator of the national payment system 'Meeza'.

The cooperation highlights Fawry's efforts to develop electronic means for digital payments to facilitate financial transactions for individuals and merchants to build a cashless society, based on the directives of the National Payments Council headed by His Excellency President Abdel Fattah El-Sisi and the initiatives of the Central Bank of Egypt to support the digital economy.

"yellowcard" is a prepaid debit card linked to 'myfawry' application that operates through the national payment network 'Meeza', so that it can be used easily in all transactions through the application.

"yellowcard" works in all places that provide electronic payment services, such as shops, malls, restaurants, and online shopping sites, in addition to the possibility of using it through ATMs for withdrawals and deposits, as well as all POS machines spread throughout the country, in order to facilitate financial transactions for citizens.

Moreover, the card provides many solutions and features for all card holders, such as paying for more than 415 services, including mobile phone services, electricity, water, gas, and landline bills, in addition to microfinance installment collection services, payment of social insurance contributions, school and university expenses, etc., as well as the ability to control expenses through monthly limits and monitoring all transactions.

Through easy and simple procedures, all customers can get the card starting from the age of 15, by submitting a request, and the request takes place immediately with the national ID card and is activated on the same day through more than 220 FawryPlus branches spread across all governorates of the country.

In addition, the 'yellowcard' allows full financial control over payments with the ability to monitor expenses and you can easily load it with money through myfawry app, Instapay application or Fawry POS devices.

'Fawry' is working hard to develop more features and services for the "yellowcard", and those services will be announced successively during the coming period.

'Fawry' CEO, Eng. Ashraf Sabry, expressed his happiness with the partnership with 'Banque Misr' and the national payment network 'Meeza', as part of 'Fawry' company's constant endeavor to strengthen the partnership with the Egyptian banking sector, especially "Banque Misr" for its pioneering role in the field of Banking services and digital payments.

He pointed out that Fawry's partnership with Banque Misr comes within the framework of implementing the Egyptian state's strategy to digitize Egypt and to stimulate digital services in financial transactions to create a cashless society.

Sabry also praised this step, which aims to expand the company's services, providing 'Fawry' customers with the ability to perform all their electronic payments effortlessly by using an integrated package of electronic payment methods through "yellowcard", stressing that it is characterized by the best high-level technologies that secure customer data by using the latest smart chip technology.

Mr. Akef El Maghraby - Vice Chairman of the Board of Directors of Banque Misr said that the signing of this protocol comes within the framework of the bank's contribution towards implementing the Central Bank of Egypt's strategy to enhance financial inclusion, as 'Banque Misr' seeks to cooperate with various partners and digital platforms that contribute to advancing financial and digital inclusion. He also appreciated the partnership with 'Fawry' and the national payment network 'Meeza, which operates within this framework and works to enhance access to the cashless society; This is by providing the latest financial technology services and digital products, as it has become necessary to keep pace with the development and prosperity of financial technology in order to support the economy and stimulate technological companies that have become an integral part of the national economy.

Al-Maghrabi also stressed that this protocol comes in line with the Egyptian state's directives to accelerate the steps of the comprehensive and sustainable development path. He pointed out that digital transformation and support for financial technology will continue to benefit from the promising new paths of economic and financial development, with the aim of supporting growth and enabling more segments of society to obtain appropriate financial solutions for them.

Engineer Tarek Raouf, Executive Chairman and CEO of Egyptian Banks Company for Technological Advancement- EBC, commented: "In line with the Central Bank of Egypt's vision, Egyptian Banks Company enables the shift to electronic payments through building and modernizing a robust technological infrastructure for national payment systems and networks, in compliance with international standards. EBC takes pride in operating Egypt's domestic card scheme as a leading national brand "Meeza", with customer base exceeding 33 million cards".

He added: "The continued collaboration among key players in the payments ecosystem fosters financial inclusion of new segments.

'Fawry' launches myfawry "yellowcard" prepaid card, in cooperation with Banque Misr and Egyptian Banks Company 'Meeza' - mid-east.info

RIYADH: Egypt's digital money transfer firm Fawry is in talks with Saudi Payments, the operator of the Kingdom's national payment infrastructure, to explore licensing and certification opportunities in the market.

The move is part of its regional expansion plans into the Gulf Cooperation Council region, Fawry said in a press release.

The release stated that the discussions are likely to conclude by the end of the year.

Operated and managed by the Saudi Central Bank, the payment network, also known as Mada, has been working toward encouraging innovation and strengthening the financial sector in the country.

"The Kingdom of Saudi Arabia has a large and promising financial sector, characterized by strong competition in payments and high liquidity, which promotes competition and innovation among all market players," said Fawry CEO Ashraf Sabry in the statement.

Additionally, Fawry is considering entering the digital banking space in its home country after the Central Bank of Egypt issued new regulations allowing customers to access banking services only through digital channels and platforms.

"The new regulations laid out by the CBE on digital banking are also a welcome change and potentially present an attractive opportunity for Fawry to expand its service offering in Egypt," Sabry added.

"As a leader in innovative e-payment solutions in Egypt, Fawry will be able to unlock potential value for the Saudi market and its consumers," he continued.

Kingdom's fintech ambition

Earlier this month, the Kingdom's payment network provider granted a gateway certification to the Kuwait-based financial technology firm Tap Payments.

With the new certifications, the company was positioned as a provider of payment gateways. It became one of the region's first fintech companies to develop its proprietary gateway technology and win Mada certification.

Under its development plan, Saudi Arabia wants to increase the number of fintech companies in the Kingdom to 525 while creating 18,000 jobs.

By 2030, the Kingdom intends to increase venture capital investments to $3.2 billion and the sector's direct contribution to the gross domestic product to $3.5 billion.

These companies can extend their product offering and solutions by utilizing Mada's technological stack, which includes numerous advanced payment features.

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