Fawry, an Egyptian fintech firm, has been named the number one Fintech App in the Middle East by Forbes. Myfawry has 3.5 million total downloads and $105 million in annualized throughput as of June 2021. The Forbes report also highlighted the best mobile apps for making payments, transferring money, borrowing money, and even investing money online. These features are already available on myfawry, which pioneered the technology in Egypt and now offers a variety of other services such as paying mobile bills, booking bus tickets, and more.
“We are pleased to know that myfawry is the number 1 fintech app in the region and we are proud with what Fawry has achieved not only in Egypt but in the entire Middle East in terms of electronic payments,” said Engineer Ashraf Sabry, CEO of “Fawry”. “We are continually striving to further expand our services and to cover more countries not only in the Middle East but the rest of the world, achieving progress that will make a fundamental change in the field of digital payments,” he added.
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As Egypt observed the swift adoption of electronic payments, Fawry recognized the opportunity to establish myfawry that would be accessible across the country and on every device. This is in keeping with the objective of the Egyptian government to push for digital transformation as it becomes one of the fastest expanding markets in the Middle East.
Fawry was listed on the Egyptian Stock Exchange in 2019, and as of August 2021, it had a market capitalization of $1.9 billion. The company’s net profit increased to $1.5 million in the first half of the year.
In addition, Fawry’s revenue increased to 742.5 million pounds during the same period, up from 549.2 million pounds the previous year.
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Fawry was founded in 2007 as an idea by Ashraf Sabry, a technology industry expert who envisioned an easy-to-use and accessible electronic payment in the Egyptian market. It began with 5,000 service points in only two cities and has since grown to 225,000 service locations around the country, providing over 1,186 services. This has made Fawry the preferred electronic payment service for over 29.3 million customers who conduct over 3.069 million daily financial transactions such as payments, collections, settlements, contracts, and new subscriptions.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer