Egypt’s leading e-payments and banking services provider Fawry, has announced plans to launch Fawry Consumer Finance, a consumer finance company that will enhance the company’s existing financial solutions, which are currently available through partner banks and financial service providers.
This seeks to broaden the target consumer groups, giving customers more options at checkout and solidifying Fawry’s position as a financial services platform that empowers consumers with a range of payment options.
The move is also in keeping with the government’s vision for financial inclusion and the FRA’s strategy to support digital transformation.
Customers will have easy access to credit through a variety of products, including Buy Now Pay Later (BNPL).
This is in keeping with the company’s plan to extend its direct-to-consumer offering and provide more financial services across its channels.
As is customary for Fawry, the move is intended to open up opportunities for both consumers and merchants by using the company’s dual-sided network.
Fawry helps businesses increase sales and improves its acceptance offering by allowing them to accept BNPL at checkout.
In that regard, AbdelMeguid Afifi, CFO of Fawry, said, “We know consumers are looking for frictionless experiences at check out and flexibility in payment offerings. In the last couple of years we’ve seen huge growth of buy-now-pay- later transactions.
We also believe that providing value added services at checkout for the merchant will be key to growing our acceptance business and deepen the utilization of our POS network.”
“The offering combines the two, allowing Fawry to meet real needs of consumers to gain access to credit and empowering merchants to offer their customers multiple options to pay on their own terms,” Afifi added.
Fawry Consumer Finance was launched with a capital of EGP 10 million and is owned entirely by Fawry and its subsidiaries.
Fawry just got the requisite authorization from the Financial Regulatory Authority (FRA) and plans to offer direct consumer finance to its consumers in 2022.