EGYPTIAN FINTECHS

In August 2021, Forbes Middle East released a list of the Middle East’s top Fintech apps. These were Egypt’s top three.

myFawry

Date of establishment: 2019 Description: Payment portal CEO: Ashraf Sabry myFawry allows users to pay their bills, recharge their mobiles, reserve bus tickets, and track their spending. In 2020, total downloads surpassed more than 1.6 million. Fawry for Banking and Payment Technology Services was listed on the Egyptian Stock Exchange in 2019, with a market value of $1.9 billion as of August 5, 2021. As of June 2021, the app had 3.5 million total downloads and $105 million annualized throughput.

valU

Date of establishment: 2017 Description: Buy-Now Pay-Later (BNPL) Platform CEO: Walid Hassouna valU is a BNPL app that allows users to shop across more than 3,500 stores and service providers, and 250 websites in Egypt, including IKEA, Souq, Azadea, and MAF, amongst others, with payment plans from six to 60 months. The app processed nearly 196,000 transactions worth $60 million in the 2020 financial year. As of August 2021, it had been downloaded more than 655,000 times.

Moneyfellows

Date of establishment: 2017 Description: Digitized ROSCA system CEO: Ahmed Wadi MoneyFellows allows users to access affordable credit and save via its digital version of a traditional ROSCA model, which is commonly known as “Gameyas” in the Arab world. The app processed $53 million worth of transactions in 2020. The company has raised over $5 million in total funding, with $4 million secured in 2020. As of August 2021, the app had more than 173,000 active users and had been downloaded more than 1.6 million times.