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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.

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