Egypt's electronic payment provider Fawry says it is negotiating with a number of banks to provide the monthly collection of installments service for those who benefit from the county's social housing project. Based on the agreement the company is working on, owners of the unit will pay the monthly installments through Fawry's devices instead of having to pay at the bank, Fawry's managing director for electronic payments Mohamed Okasha said Sunday. Okasha revealed that Fawry collects nearly one billion Egyptian pounds ($56.6 million) each year from 200,000 customers as installments from those who reserved social housing units. They pay these installments every three months. The last installment was in September. All of this is according to the agreement the company made with the Mortgage Finance Fund. Fawry expects to collect electronic payments through its network worth EGP 25bn by the end of this year. The company offers e-payment solutions in cooperation with more than 15 banks, including six whose services are available through Fawry's network. About two million financial transactions are done on a daily basis through Fawry's network, which covers the majority of the republic. Fawry offers its e-payment services to several sectors, including the communications sector, such as mobile companies, Telecom Egypt (TE), and internet companies; in addition to providing utility bill payments, such as payment for electricity, water, and gas. Fawry's services enable consumers to pay quarterly installments on the social housing project. The company invests an annual amount ranging between 30 pounds and 40 pounds to develop infrastructure and widen its products and services base. Source: Daily news
