Fawry plans to expand into the UAE market by the end of the year with hopes to enter Saudi Arabia and Kuwait in 2020. Founded in 2009, it offers digital payments to companies and individuals in Egypt, where many do not have a bank account.
Mohamed Okasha, the company's managing director, said that Fawry, which made a stock market debut in August, planned to complete a deal with one of the largest UAE banks to then use its technology platform in the region. However, he declined to identify the bank or the value of the deal.
Fawry, which is owned by local and foreign investment funds, currently dominates the Egyptian market. Thus, at this stage in time, it has no plans to expand to Africa, as speculated by some analysts. It believes that Egypt as a market still has big growth prospects. But more importantly, the company is looking at countries where many Egyptians live to make services such as bill payments easier.
The firm invests between 250 million and 300 million Egyptian pounds annually from their own resources. It plans to have 300 'Fawry Plus' branches, which offer most of its services, within five years compared to the 70 that are currently present. According to its website, the service has 20 million customers with it handling around 2.1 million transactions daily.