The demand for instalment services has increased in light of the current economic conditions in Egypt. Nevertheless, an investment opportunity is created for electronic payment companies to represent the link between the installment customer and the collection, especially that Egypt aims to implement financial coverage.
Fawry, the main electronic payment network in the Egyptian market, is exploiting every opportunity for growth in the Egyptian market. In this context, the company has agreed with the B.Tech chain of electronic and household appliances, to collect the monthly instalments through its machines in different regions.
According to the managing director of Fawry, Mohammed Okasha, the agreement with B.Tech has been made and the service is now available to all customers.
Fawry expects to collect electronic payments through its network of EGP 25bn by the end of this year. The company offers electronic payment solutions in cooperation with more than 15 banks, of which 6 are available through the Fawry network and the rest are under implementation.
The network provides electronic payment services for a number of sectors—including the information technology and communication one (such asmobile companies, Telecom Egypt, and Internet companies)—as well as the provision of service payment of utility bills, such as electricity, water, and gas bills.
The company invests annually between EGP 30-40m to modernise its infrastructure and expand its product base and services.
The company acquired most of the company’s shares in 2015 through an international consortium of several investment companies in a deal worth a total of nearly $100m.
Established in 2010, Fawry offers electronic payment solutions for the four mobile operators (Vodafone, Orange, Telecom Egypt, and Etisalat), electricity companies, nine water and sewage companies, and Traffic Prosecution. The service of payment of online violations and renewal of licenses in addition to cooperation with the majority of private banks and government operating in the Egyptian market