Fawry Success Story "First E-Payment Network in Egypt"

Fawry Success Story "First E-Payment Network in Egypt"

Press Release (ePRNews.com) - HELIOPOLIS, Egypt - May 09, 2017 - Fawry is an Egyptian pioneering Electronic Payment Network, located in Cairo, Egypt, founded in 2008 by Ashraf Sabry, offering financial services to consumers and businesses through more than 65 thousand locations and a variety of channels (online, using ATMs, mobile wallets and retail points). Fawry’s network of retailers includes small groceries, pharmacies and stationeries, and post-offices, all equipped with point-of-sale machines – the same ones used for credit card payments.
Fawry offers also payment methods, for businesses and governments alike, Fawry services for businesses include collection services, customer acquisition, electronic cash, payment facilitation, and business-to-business collection centers, cash management, mobile solutions and operational support services.

History:
Fawry began as an idea in 2007, when technology expert Ashraf Sabry came up with the vision of introducing electronic bill payment in Egypt, to beat the pressing need for convenience and easy payments in a country where traffic congestion and complex procedures are daily challenges that face consumers.

In 2008, Fawry was established after garnering the support of major investors like Raya Holding, Technology Development Fund (Ideavelopers), Arab African International Bank, HSBC, Alexbank and recently joined International Finance Cooperation (IFC). Fawry’s management team united financial and information & communications technology (ICT) executives with broad experience and decades of senior management at top regional organizations and Fortune 500 companies.

Building the Technology
The main targets of this technology is to allow customers to make their payments through multiple channels, and enable billers and financial institutions to use business and payment remittance info in a single transaction.

Achievements:
In 2016, Fawry was the chosen reliable service hub for over 20 Million customers in Egypt including payers, businesses and major financial institutions.
Fawry offers more than 200 services and has more than one and half million operations daily processed on Fawry’s network: payments, collections, reconciliations, settlements, new contracts and subscriptions.

Though it presented a novelty service type for Egypt, rapid market penetration and consistent quality of service helped Fawry’s transaction volume soar to a remarkable 16 Billion-EGP record in less than 8 years from its launch. From monthly and periodic bills, to single transactions, Fawry network covers almost every type of customer payment.

Fawry’s network growth reaches more than 65,000 locations in 300 cities, and covering every urban area through its channel network including ATMs, online, Mobile Wallets, retail shops, post offices and even little vendor kiosks, supermarkets and pharmacies.

Mashable, one of the world’s largest technology websites recognized Fawry as one of the top important African Startups to watch. Fawry is ranked in the 13th place among African top companies.

“Finance Monthly” has awarded Ashraf Sabry “Fawry’s CEO” a CEO award for 2013

Fawry Services
Fawry (http://fawry.com/), Egypt’s first and largest Electronic Payment Network serves consumers and businesses through various channels and thousands of service points all over Egypt. The services available for payments include the following categories: telecom bills, utilities, education, charity, insurance, financial and banks, online payments, tickets and tourism, subscriptions, and car licenses renewal.

Partnership
In 2016, Fawry has partnered with PinPay, a Lebanese mobile payment service and agreed to offer all Fawry services to PinPay’s clients. Fawry’s telecom sector was the first service offered through PinPay’s mobile application, retailers, website and other partners with whom they have direct contact with.

Acquisition
– In 2015, A consortium of international financial investors comprising the Egyptian-American Enterprise Fund (“EAEF”), Helios Investment Partners (“Helios”, acting on behalf of funds it advises) and the MENA Long-Term Value Fund (“MENA LTV”) (together, the “Consortium”) announced it had acquired a majority stake in Fawry, the electronic bill presentment and payment platform in Egypt at a purchase price valuing the company at EGP 773 million, approximately US$ 100 million.

– In 2015, IFC, affiliate of the World Bank acquired 18% of the shares of Fawry to increase the capital of Fawry and more company expansions. This deal was the first investment for the International Finance Corporation (IFC (http://ifcext.ifc.org/ifcext/pressroom/IFCPressRoom.nsf/0…)) of the World Bank in Egypt in that year. The shares distribution of Fawry went between several Egyptian and foreign banks, including Alexandria The Sao Paolo and the Arab African International Bank, in addition to Raya Holding Company and Capital Trust and the Government Technology Development Fund.

Source : Fawry
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CATEGORIES : Telecommunications

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