Fawry has recently taken part in collecting instalments for social housing unit deposits through the payment points of the distributing company in several areas across Egypt, said Ashraf Sabry, CEO of the electronic payment services company. The company cooperated with the Housing and Development Bank (HDB) for the collection of these instalments.
Sabry estimated that this experiment to collect instalments is the largest in the field of electronic payments with the government so far. The company managed to collect instalments from more than 170,000 customers within 15 days as the company’s infrastructure is widespread around different parts of the country.
The CEO aims to increase the number of Fawry’s electronic payment points to 70,000 outlets in 2017, compared to 60,000 outlets currently. According to Sabry, the company aims to achieve a 40% growth rate in the volume of its transactions in 2017, compared to 2016.
A group of international investors acquired Fawry for $100m. The list included the Egyptian American Enterprise Fund, Heliopolis Investment Partners, and the MENA Long-Term Value Fund.
Fawry was established in 2010. The company plans to inject investments to improve and develop the performance of its services, as well as expand the payment services it is currently offering.
It offers electronic solutions to the three mobile companies—Vodafone, Orange, and Etisalat—in addition to electricity companies in Egypt, as well as nine companies affiliated to the water and sewage sector and the traffic prosecution. It offers them services to pay fines online, renew licences, and cooperate with the majority of private and government banks working in the Egyptian market.
The volume of daily electronic payments in Egypt does not exceed 10% of the total current transactions, whereas the percentage should range between 50% and 60% as a minimum, according to global indicators.
Source: Daily News Egypt
