MEA – Fawry, a fintech company, has announced that its application ‘myFawry’ topped the list of the 15 most powerful financial technology applications in the Middle East for the year 2021, according to a report published by Forbes Middle East magazine.
According to the report, the mobile application had more than 1.6 million downloads during the past year.
“In view of the intense competition in the Egyptian market as the fastest growing market in the Middle East in the field of electronic payment and with the vision of the Egyptian state in digital transformation, the company Fawry hastened to develop its digital services and electronic payments that are provided through its own devices and spread across the entire Republic or Via the ‘myFawry’ app,” Engineer Ashraf Sabry, CEO of Fawry for electronic payment solutions, said.
The ‘myFawry’ application allows users to pay their bills, recharge their mobile phones, book bus tickets, and many other electronic payment services. The number of downloads of the application at the end of last June exceeded 3 million, with annual transactions estimated at US$105 million.
“We are pleased with the position that the ‘myFawry’ application has reached and what has been achieved so far as the first company not only in Egypt but in the Middle East in the field of electronic payment,” Sabry added.
“We are striving to further expand our services and make them cover many countries, not only in the Middle East but globally, and we are also striving to achieve more progress and make a fundamental change in the field of digital payments.”
Fawry was listed on the Egyptian Stock Exchange in 2019 with a current market value of US$1.9 billion as of August 2021.
During the first half of the year, the company’s net profit rose to 137.1 million pounds (US$189m), compared to a net profit of 85.9 million pounds (US$118.42m) during the same period last year.
Additionally, Fawry revenues increased to 742.5 million pounds (US$1.023bn) during the same period, compared to revenues of 549.2 million last year.
Created in 2007, Fawry originated from an idea by the technology industry expert Ashraf Sabry, who envisioned an easy to use and accessible electronic payment in the Egyptian market.
It started with 5,000 service points in only two cities and has since expanded to 225,000 service points that offer more than 1,186 services.
This made Fawry the preferred electronic payment work for more than 29.3 million customers that conducts more than 3.069 million daily financial transactions that include payments, collections, settlements, contracts and new subscriptions.