Eng. Ashraf Sabry - Afrikan Heroes

Fawry Microfinance, Lending Arm Of Egypt’s Leading Fintech Disburses $63.6m In Four Years

February 15, 2022

Fawry, Egypt’s top e-payments and banking services provider, has announced today that the total value of loans given by its subsidiary Fawry Microfinance had crossed EGP 1 billion ($63.6 million) since its start. Fawry Microfinance was founded in 2018 to give small businesses and entrepreneurs in Egypt with financial solutions that are both accessible and affordable, leveraging an end-to-end digital infrastructure to dispense loans and collect payments. The efforts of Fawry Microfinance have made a significant contribution to the national goals of financial inclusion and financial service digitization.

“The benefits of financial inclusion are growing clearer by the day,” said Fawry CEO Eng. Ashraf Sabry. “Access to affordable financial services allows small- and medium-sized businesses, which employ the majority of Egypt’s labor force, to expand and invest, creating employment and powering inclusive economic growth. We at Fawry Microfinance are proud of our track record in creating tangible opportunities for entrepreneurs and families, allowing them to invest in their futures and promoting the government’s efforts to achieve sustainable growth by expanding marginalized groups’ access to financial services.”

Here Is What You Need To Know

Despite the lingering impacts of the COVID-19 pandemic on the Egyptian and worldwide economies, such as supply chain disruptions and heightened inflation, Fawry Microfinance’s portfolio grew rapidly in 2021.

As of December 31, 2021, Fawry Microfinance had an outstanding portfolio of EGP 437 million, up 67 percent over the EGP 267 million booked at the end of 2020. At the end of 2021, the subsidiary had a 98.5 percent collection rate.

With almost 40% of Fawry Microfinance’s clients under the age of 30, the subsidiary’s operations demonstrate Fawry’s dedication to the principles of sustainability and reaching the national goal of financial inclusion. In addition to boosting employment, extending accessible funding to young entrepreneurs aids in the creation of new economic prospects and the optimal usage of Egypt’s human capital resources.

Meanwhile, Fawry supports the Egyptian Central Bank’s goal of increasing financial inclusion and financial awareness in rural areas. Fawry Microfinance’s services are not limited to Egypt’s main cities. The subsidiary’s services are offered in 25 of Egypt’s 27 governorates, covering a large portion of the country’s rural and economically disadvantaged communities.

The majority of Fawry Microfinance’s 33 thousand clients were involved in retail trade as of year-end 2021, with other clients involved in simple service supply. Nearly 60% of clients were previous Fawry customers who had been introduced into the Company’s merchant network via Fawry POS equipment. The Company’s membership in the Fawry network enables it to simply deliver a variety of services to these clients, ranging from omnichannel acceptance to the establishment of e-commerce platforms.

A Look At What Fawry for Banking and Payment Technology Services Does

Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population. Fawry’s primary services include enabling electronic bill payments, mobile top-ups and provisions for millions of Egyptian users. Other digital services also include e-ticketing, cable TV, and variety of other services. Through its peer-to-peer model, Fawry is enabling corporates and SMEs to accept electronic payments through a number of platforms including websites, mobile phones, and POSs. With a network of 36 member banks, its mobile platform and more than 250,000 agents, Fawry processes an average of 3 million transactions per day, serving an estimated customer base of 35 million users monthly.

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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.
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How Egyptian Fintech Firm Fawry Is Turning Into A Major Investor In Egyptian Startups

September 24, 2021

Fawry, an Egypt-based FinTech and E-payment solutions provider, appears to be on a journey to invest in all Egyptian startups across different industries. After the company invested in the tech-enabled delivery platform Bosta last year and early this year in the fast-growing F&B platform Elmenus, it has returned to purchase minority shares valued at $1m in Brimore, a social commerce marketplace.

“Fawry’s investment in Brimore represents an important vote of confidence in the company and its business model, which reaffirms our belief in the transformative power of digital tools to revolutionize commerce in Egypt. Our platform has enabled tens of thousands of individuals across Egypt to start and grow profitable businesses with zero initial investment,” Brimore Co-Founder and CEO Mohamed Abdulaziz said.

Why The Acquisition

“We look forward with great anticipation to our journey with Brimore. The company’s business holds great promise for spurring inclusive economic growth, where greater access to financial and business services enables small and micro enterprises to play a bigger role in the economy. Our more than 230,000 strong merchant network is just one of the areas where lasting value will be created through this partnership,” Fawry CEO Eng. Ashraf Sabry said.

By investing in tech-innovative firms across Egypt, Fawry management has found many potential to encourage synergies and create integrative prospects. Last year,

Fawry wants to integrate its payments and financial services products seamlessly into the Brimore platform, with additional collaboration planned with Fawry’s complementary verticals in the commerce and FMCG industries.

A Look At Both Companies

Fawry, which was founded in 2008, provides financial services to individuals and businesses through a range of channels, including the internet, ATMs, mobile wallets, and retail locations. Collection services, client acquisition, electronic cash, payment facilitation, and B2B collection centers are among Fawry’s commercial offerings. This investment will create a new synergy between the two firms, as Fawry uses its position as a strategic investor in Brimore to engage, assist, and drive growth at the company as well as in Egypt’s larger digital ecosystem.

Brimore’s social commerce platform connects small and medium-sized manufacturers to a huge network of freelancing community distributors who sell and endorse products in their local communities. It was founded in 2017 by supply chain veterans Mohamed Abdulaziz and Ahmed Sheikha Brimore. The Cairo-based team assists producers in avoiding costly in-house production and distribution expenses, as well as minimizing their dependency on inefficient traditional distribution networks. SME manufacturers of primarily unbranded items get unparalleled market access through Brimore, allowing them to compete on a more level playing field with established industry giants.

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