Egypt’s payment provider Fawry announces plans to launch digital bank

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

The company stated that the new digital bank is aimed to provide a variety of financial services, including payments, consumer lending, savings and investments.

According to the company ,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.

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.