Fawry awaits CBE’s approval to provide banking services through Fawry Plus
50% projected growth in e-payment next year: Okasha
Fawry e-payments is waiting for the approval of the Central Bank of Egypt (CBE) to provide banking services through Fawry Plus branches, which are expected to reach 300 by 2020. The company is closing in on its target of collections worth EGP 40bn this year, while aiming to boost its network to reach 150,000 by the end of next year.
The company’s Managing Director, Mohamed Okasha,said that the banking services will be provided through 70 Fawry Plus branches within days.
They aim to reach 300 branches by 2020 throughout Egypt, he said, adding that the nature of the banking services to be provided is registering new clients for banks and insurance subscriptions among other services.
The company is awaiting for the CBE’s approval to provide banking services through Fawry Plus, indicated the managing director.
He noted that they will contract with the banks as soon as they receive the licenses,as the company has strong ties with several private and public banks in Egypt.
Fawry is approaching its target of EGP 40bn worth of transactions this year, expecting that to increase in 2019, elaborated Okasha.
He added that they will reach 150,000 point of sale (POS) by the end of next year in all governorates.
Moreover, he said that Fawry Micro Financing has been established to finance merchants, which will be conducted electronically, as part of the state’s plan to achieve financial inclusion.
He highlighlighted that they have received the final license from the Egyptian Financial Supervisory Authority (EFSA) to provide microfinance services, and will be providing the service at the beginning of next year.
The goal is not only funding but rather expanding the network of merchants that they deal with, Okasha explained.
The company’s managing director revealed that the Fawry is currently in the studying stage of the size of financing provided to traders, and increasing the company’s capital and portfolio .
In a related context, Okasha said that the company is expanding in the field of mobile wallets in Egypt,which enables users to transfer money to any other wallets in under 60 seconds,in addition to payment services.
He pointed out that Fawry aims to grow its banks’ network to 17 banks before the end of this year.
Furthermore, he added that the e-wallet client can pay for transport tickets, pay utility bills, renew car licenses, book airline tickets, and conduct many more services.
Among the banks that use the Fawry platform are the CIB, the National Bank of Egypt,AlexBank, QNB Alahli, Banque Misr, BLOM Bank, United Bank, Credit Agricole, and the Housing & Development Bank.
Okasha said that Fawry is continuously investing in the company’s IT infrastructure in order toprovide high-quality secure services.
He added that credit card holders can pay for products on instalments when purchasing through Fawry Pay. Users of the platform can also pay via mobile phone using mobile wallets.
Okasha explained that Fawry will also enable delivery service for products bought from the platform, as the company owns a non-controlling stake in a shipping company, noting that clients can also pay via PayPal.
Regarding the features of Fawry Pay, he said that merchants can benefit from a few facilities, including sale via the website and mobile app, as well as the powerful and secure infrastructure, and introducing new clients to the e-commerce market.
Okasha disclosed that there are negotiations with several companies to inject new investments in return for quotas in them, which serve and enhance the services provided by Fawry.
The company seeks to provide integrated solutions to its customers including individuals, banks, mobile companies, and retail companies, he pointed out. This was the main reason being Fawry’s acquisition of a stake in Wafarha, so as to provide loyalty and points programmes and to offer discounts to its clients electronically.
Investing in Wafarha is Fawry’s third investment in 2018, after investing in Tazkra and Bosta, added Okasha.
He predicted that the e-payments market will grow significantly over the next year, with a growth rate not less than 50% compared to this year, as the services provided to clients will increase, as well as the number of companies.
He determined that Fawry still owns 95% shares in the electricity bills collections and recharge, as it has agreements with all electricity distribution companies.