Fawry, the leading provider of banking and electronic payment technology services, has announced the launch of the myfawry “yellowcard” in collaboration with Banque Misr and the Egyptian Banks Company (EBC), the operator of the national payment system called ‘Meeza’. This partnership underscores Fawry’s commitment to developing electronic payment solutions to facilitate financial transactions for individuals and merchants, with the goal of building a cashless society. These efforts align with the directives of the National Payments Council, led by President Abdel Fattah El-Sisi, and the initiatives of the Central Bank of Egypt to support the digital economy.
The “yellowcard” is a prepaid debit card connected to the myfawry application and operates through the national payment network Meeza. This card enables easy usage for all transactions through the application and can be utilized in various places that offer electronic payment services, including shops, malls, restaurants, and online shopping sites. Additionally, it can be used for withdrawals and deposits at ATMs, as well as with point-of-sale (POS) machines throughout the country, making financial transactions more convenient for citizens.
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The yellowcard offers numerous solutions and features for cardholders, allowing them to pay for over 415 services, such as mobile phone services, electricity, water, gas, landline bills, and microfinance installment collections. It also facilitates payment of social insurance contributions, school and university expenses, and provides the ability to monitor expenses through monthly limits and transaction tracking.
Obtaining the card is a simple process available to all customers aged 15 and above. By submitting a request with their national ID card, customers can activate their yellowcard on the same day through any of the 220 FawryPlus branches spread across all governorates in the country. Furthermore, the yellowcard provides full financial control over payments, allowing users to monitor expenses and easily load funds through the myfawry app, Instapay application, or Fawry POS devices.
Fawry is committed to further developing the yellowcard by introducing more features and services, which will be announced in the near future.
Eng. Ashraf Sabry, the CEO of Fawry, expressed his satisfaction with the partnership with Banque Misr and the national payment network Meeza. He emphasized Fawry’s continuous efforts to strengthen its collaboration with the Egyptian banking sector, particularly highlighting the pioneering role of Banque Misr in banking services and digital payments. Sabry stated that this partnership aligns with the Egyptian government’s strategy to digitize the country and promote digital services in financial transactions, ultimately fostering a cashless society. He also praised the yellowcard’s cutting-edge technologies, such as the latest smart chip technology, which ensures the security of customer data.
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Mr. Akef El Maghraby, Vice Chairman of the Board of Directors of Banque Misr, noted that signing this protocol is part of the bank’s contribution to implementing the Central Bank of Egypt’s strategy for enhancing financial inclusion. Banque Misr aims to collaborate with various partners and digital platforms that promote financial and digital inclusion. He expressed appreciation for the partnership with Fawry and the national payment network Meeza, which work toward expanding access to a cashless society. He emphasized the importance of keeping pace with the development of financial technology to support the economy and stimulate technological companies as integral parts of the national economy.
Al-Maghrabi further stressed that this protocol aligns with the Egyptian government’s directives to accelerate comprehensive and sustainable development. He highlighted the significance of digital transformation and support for financial technology in promoting economic and financial development, ultimately providing appropriate financial solutions to a wider range of society.
Engineer Tarek Raouf, the Executive Chairman and CEO of the Egyptian Banks Company for Technological Advancement (EBC), commented on the collaboration, stating that in line with the Central Bank of Egypt’s vision, EBC enables the transition to electronic payments by establishing and modernizing a robust technological infrastructure for national payment systems and networks, in compliance with international standards. EBC takes pride in operating Egypt’s domestic card scheme, the leading national brand known as “Meeza,” with a customer base exceeding 33 million cards. Raouf highlighted the ongoing collaboration among key players in the payments ecosystem, emphasizing its role in promoting financial inclusion for new segments. This cooperation aligns with EBC’s strategic efforts to introduce a variety of card products that cater to the needs of diverse customer segments under the Meeza National scheme.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard