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Tuesday, 3 December 2019

Fawry in talks to set up bank transfer service for Egyptians in GCC

E-payments platform Fawry is in talks with local and regional banks to set up a bank transfer service for Egyptians living in the Gulf, Managing Director Mohamed Okasha tells Al Mal. The company is looking to initially establish the service in the UAE, Kuwait, and Saudi Arabia. The banks include the National Bank of Egypt, Bank of Alexandria, Banque du Caire, and ADIB. In other Fawry news, the platform is in negotiations with several companies to purchase minority stakes as part of a strategy to buy shares in businesses offering services that complement e-payments, Okasha tells Hapi Journal. The company is expected to complete two to three transactions in the coming months, Okasha added, without naming the targets.

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