Fawry’s net income increased 81% y-o-y in 2020 to reach EGP 186 mn, up from EGP 103 mn the year before, according to a company earnings release (pdf). Revenues were up almost 40% to EGP 1.2 bn, thanks to rapid growth in the company’s microfinance and banking services. The strong top-line growth demonstrates Fawry’s “growing centrality” to Egyptian commerce, said Fawry CEO Ashraf Sabry.

Looking ahead: “Management is confident that the company is well-positioned to meet its strategic objective of creating Egypt’s first integrated digital ecosystem,” Sabry said. The company plans to quadruple the volume of monthly transactions handled by its acceptance business in the coming year, as well as double the value of its microfinance business “to further grow these segments’ top-line contributions,” he said. The company will also expand the services offered through its myFawry app to include financial services and in-store discounts, with an eye to doubling monthly transaction volumes by the end of 2021.