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Thursday, 19 November 2020

Fawry gets green light from regulator on capital increase

E-payment platform Fawry’s is planning a capital increase to raise its issued capital by EGP 500 mn through new shares to existing shareholders. The company received the regulatory go-ahead (pdf) yesterday.

SIGN OF THE TIMES- The number of mobile wallets in Egypt has jumped at least 17% to 14.4 mn between March and October as the pandemic boosted digital payments, the National Telecom Regulatory Authority said in a report. Some 9.9 mn transactions were completed through mobile network operators throughout the month, up from only 3.9 mn in March. Vodafone, with its Vodafone Cash platform, operates 65% of the country’s e-wallets. The operator is followed by Orange (23%), Etisalat (11%), and WE (1%). Vodafone also has 80% of active wallets.

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