By: Basel khaled
Fawry (the "Company", FWRY.CA on the Egyptian Exchange), Egypt's leading e-payments solutions provider, has announced that its Buy Now, Pay Later (BNPL) business has surpassed EGP 1 billion in total disbursements as of September 2024. This impressive milestone was reached just over a year after the official launch of the service, reflecting the success of Fawry’s strategic approach in meeting the growing needs of consumers and expanding the scope of its financial services.
This significant achievement is attributed to several factors, including leveraging Fawry's extensive customer base, which exceeded 10 million downloads of the "myFawry" app at the time of launch, as well as the introduction of the "myFawry" prepaid card. This underscores the company’s ability in expanding reach and influence of the "Buy Now, Pay Later" service among consumers.
Eng. Ashraf Sabry, Chief Executive Officer of Fawry, commented: “I am incredibly proud of the efforts of the Fawry Consumer Finance and myFawry management teams in reaching this significant milestone. This achievement is a clear testament to the company’s ability to leverage its existing consumer base while introducing innovative services that cater to underserved segments of the population. It further underscores Fawry’s position as a trailblazer in financial inclusion and embedded finance in Egypt.”
The impressive growth in consumer finance demonstrates Fawry's commitment to addressing the diverse needs of its customers by offering innovative and flexible financial solutions. It also showcases the company's ability to diversify its product portfolio and expand its market presence, solidifying Fawry's pivotal role in driving innovation within the financial services sector. This growth advances financial inclusion in Egypt and significantly strengthens Fawry's position within the embedded finance ecosystem.
