Fawry for banking
The payment company showed that its valuation had quadrupled since the COVID-19 outbreak at the end of February 2020. As first reported through Bloomberg, Fawry is now among Egypt’s top 10 corporations, which come with Telecom Egypt Co. and Elswedy Electric Co. However, those corporations lately generate a lot more profit than Fawry.
Many others in Egypt still settle banknote transactions, despite the coronavirus crisis that has made paper ticket processing unsafe, however, the country’s reserve bank has asked lending platforms and other money service providers to inspire citizens to make virtual banknotes. The central bank also needs Egyptians to use online payment platforms like Fawry to restrict physical contact, so the virus doesn’t spread anymore.
Allen Sandeep, director of studies at Naeem Holding in Cairo, said Fawry’s actions could have increased due to “hopes for exponential expansion in Egypt’s virtual ticket sector, which until now is still largely under-penetrated. “
Nearly a third or more than 30% of Egyptians over the age of 15 have opened bank accounts in monetary institutions, below the global average, according to recent World Bank data. Almost all application bills are paid in money in the country, which has a population of about one hundred million and a GDP of more than $250 billion.
Fawry offers facilities in 166,500 locations, adding outlets in Egypt.
As reported in August 2020, the National Bank of Egypt (NBE), the country’s largest bank, brought new facilities to virtual banking in the wake of the COVID-19 epidemic. Also in August, Cairo-based financial technology, Paymob, showed that it allows SMEs to launch e-commerce sites, while uploading invoices online through virtual and offline channels.
Mohamed Okasha, a financial technology expert from Egypt in June 2020, said the country wants more specialized funds, especially for the progression of monetary technology.