MICROCAPITAL BRIEF: Egyptian Payment Platform Fawry to Facilitate Provision of Electronic Government Services

Fawry, an Egyptian electronic payment company, reportedly has partnered with the Egyptian government with the aim of improving financial inclusion and expanding payment options to an increased proportion of the country’s population through digital communication channels. Particularly to improve services for poor people, Fawry and the Egyptian government are discussing how to use these channels to connect people to electronic payments in connection with unspecified government services.

According to a statement attributed to Ms Hanaa Hulali, the acting secretary general of the Egyptian government’s Social Development Fund (SDF), Fawry and the federal government are also working on an initiative called “Fostering Innovation In Order To Achieve Financial Inclusion,” which intends to support micro- and small enterprises (MSEs) in the country. The initiative has received a “soft” loan of USD 300 million from the World Bank, which it will use to assist MSEs through unspecified programs.

As of 2014, Fawry had 40,000 agents in 300 cities and villages. The company reportedly processes approximately 1 million transactions per day, facilitating EGP 4 billion (USD 559 million) in transactions annually [1].

By Benjamin Krupp, Research Associate

About Fawry

Fawry is a Cairo-based electronic payment company that operates through Egyptian banks, retailers and post offices. As of 2014, Fawry had 40,000 agents in 300 cities and villages. As of the same year, the company reportedly processes approximately 1 million transactions per day, resulting in an annual money flow of EGP 4 billion (USD 559 million).

Sources and Additional Resources

[1] Wamda: Egyptian Government Gets Digital with Payment Platform Fawry

MicroCapital, June 19, 2014: Egypt Approves Microfinance Law in Effort to Expand Access to Microcredit, bring Microenterprises into Formal Economy

MicroCapital, March25, 2014: European Union, European Bank for Reconstruction and Development (EBRD) Support 100 Small, Medium-sized Enterprises (SMEs) in Egypt

MicroCapital, July 6, 2013: Etisalat, National Bank of Egypt, MasterCard to Launch Mobile Money Service in Egypt

MicroCapital Universe Profile: Fawry

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