Back to the complete issue
Tuesday, 1 February 2022

Fawry sees 400% y–o-y boom in online payments in 2021

Fawry saw transaction values surge last year: The e-payments giant processed EGP 6 bn worth of cashless POS transactions through its Fawry Accept service in 2021, up 232% y-o-y, and EGP 5 bn worth of online payments, up 400% y-o-y, the company said in a statement (pdf) this week. The country’s biggest e-payments provider is eyeing further expansion, recently announcing a planned EGP 800 mn capital increase to help launch its pre-paid cards as it seeks to turn MyFawry into a super-app, as well as a potential US listing. It also launched the region’s first fintech-distributed money market fund in partnership with Misr Capital a few weeks back.

Other things we’re keeping an eye on this morning:

  • Investment firm Catalyst Partners is looking to establish subsidiaries in the UAE, Saudi Arabia and Morocco this year, following recent moves to expand into logistics and ins. services.
  • El Sewedy Electric for Trading and Distribution has signed an EGP 615 mn contract (pdf) with construction firm EDECS to complete network and infrastructure work at Alexandria Port.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.