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Fawry negotiates with banks to collect monthly installments for those who benefit from social housing project EGP 1bn to be collected on a quarterly basis from 200,000 customers within the mortgage finance agreement
Mohamed Okasha, the managing director of Fawry for electronic payments, said that his company is currently negotiating with a number of banks to provide the monthly collection of installments service for those who benefit from social housing. 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. Okasha revealed that Fawry collects nearly EGP 1bn 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 EGP 30 and EGP 40 to update the infrastructure and widen its products and services base. The majority of Fawry's shares were acquired in 2015 by an international alliance comprising of several investment companies in a deal worth a total of $100m. Fawry was established in 2010. Fawry offers electronic payment solutions for the four mobile companies Vodafone, Orange, Etisalat, and WE, in addition to electricity companies in Egypt, and nine companies affiliated with the water and sewage system. It also offers its services to the Cairo Traffic Prosecution Office to enable consumers to pay fines online as well as renew licenses. The company also cooperates with the majority of private and public banks working in the Egyptian market.
