Taiwan's exports rise 4.3% in April Y-Y    Global mobile banking malware surges 32% in 2023: Kaspersky    Mystery Group Claims Murder of Businessman With Alleged Israeli Ties    Microsoft closes down Nigeria's Africa Development Centre    Microsoft to build $3.3b data centre in Wisconsin    Lebanon's private sector contracts amidst geopolitical unrest – PMI    EGP stable against USD in Wednesday early trade    Dollar gains ground, yen weakens on Wednesday    Egypt's PM oversees progress of Warraq Island development    Egypt, Jordan prepare for 32nd Joint Committee Meeting in Cairo    Banque Misr announces strategic partnership with Belmazad digital auction platform    Egypt, World Bank evaluate 'Managing Air Pollution, Climate Change in Greater Cairo' project    Health Ministry on high alert during Easter celebrations    Egypt warns of Israeli military operation in Rafah    US academic groups decry police force in campus protest crackdowns    US Embassy in Cairo announces Egyptian-American musical fusion tour    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Fawry contracts with 12 banks for e-payments via mobile phone
We began launching the service with a number of banks and will soon be activated with others, says Fawry CEO
Hossam Mounir Published in Daily News Egypt on 24 - 09 - 2016

The electronic payments company Fawry signed contracts with 12 banks operating in the domestic market to provide electronic payment services via mobile phones, according to Ashraf Sabry, CEO of the company.
He told Daily News Egypt that the company has already begun launching the service with a number of banks, and procedures to activate it with several other banks are ongoing. However, he refused to disclose the banks names for now.
He noted that the company has lately been focusing on mobile phone services in light of the significant spread of mobile phones in the Egyptian market.
He said that the company aims to reach consumers across the country to support the government's efforts in spreading electronic solutions to promote a cashless system, in addition to facilitating payment of government fees to citizens and launching new international-standard services in Egypt.
He added that Fawry is currently offering over 100 e-payment services in cooperation with banks, noting that the company offers payment of phone bills, electricity, and water bills, donations, insurance, and online payments, as well as tickets, and car licence fees.
Sabry said that clients conduct over 1.5m transactions per day. That figure jumps to 1.8m transactions per day during holidays.
According to Sabry, the company aims to increase its point of sales to reach 60,000 at the end of the year from a current number of 52,000.
Moreover, he said that the company's investments range between EGP 30-40m per annum, with plans to increase the figure by 20% towards the end of the year.
In November 2015, three international investment funds acquired 85% of Fawry for $100m.
These funds are the Egyptian-American Enterprise Fund with a 20% stake, Helios Investment Partners (on behalf of the funds to which it provides consulting) with a 40% stake, and MENA Long-Term Value Fund with a 25% stake.
The remainder of Fawry's shares are owned by the International Finance Corporation (IFC) and the management, which own 5% and 10%, respectively.
Sabry pointed out that the new contributors are not thinking about selling their shares, saying that investors need at least five years to evaluate their investments.
Furthermore, he ruled out the entry of new investors in the meantime. He also excluded listing the company on the Egyptian Exchange. He noted that new investments are funded from the company's own resources.

Clic here to read the story from its source.