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General assembly of Fawry for e-payments agreed to conclude EGP 160m loan between its subsidiary Fawry Microfinance and Egyptian-American Enterprise Fund
Company’s General Assembly also discusses initial financing offer from Banque Misr valued at EGP 150m
EFG Hermes acted as sole bookrunner of the Fawry shares transaction on behalf of the selling shareholders
The capital raise will take advantage of favourable markets conditions, whilst helping the company to accelerate its strategy in developing mobile services. The cash injection is also set to boost its acceptance of payments on all payment channels, and strengthen its integration of digital solutions.
Fawry’s net profit amounted to EGP 30.7m in 1Q 2020
Workers will receive short SMS text message once grant can be collected
Fawry CEO Ashraf Sabry said the company’s primary goal is to provide different payment channels to its users, in addition to allowing payments through the EEHC website using credit cards via Fawry Pay.
Fund’s promotional campaign to start after coronavirus crisis ends
Karim Soos, Retail Risk Group Head at NBE, said the bank seeks through the new agreement to support its strategic plan towards financial inclusion and expansion in various banking services, particularly the digital ones. This has become the global trend recently, in line with the country’s plan to bring about nationwide digital transformation.
Mamdouh Shaaban, director general of Orman Charity Association, said that the new system has been linked to the association’s Customer relationship management (CRM) system so that any collection process automatically appears in the client base programme.
Okasha added that with the increasing demand for Deezer, it has become important to offer fast and easy facilitation of subscription payments. Customers may now pay using their smart device or through its 125,000 participating Fawry cashiers and outlets.
This marks DPDgroup’s first ever investment in Egypt, a country whose potential is clearly recognised. DPDgroup will bring all its support to help Bosta become one of the leading parcel operators in Egypt with a minority stake in Bosta.
Managing Director of Fawry Mohamed Okasha said the new agreement was the result of fruitful cooperation between the two sides. It would be in their mutual interest which is expanding the banking sector’s digital services.
As Council’s newest participating organization, Fawry is to recommend new initiatives for consideration to the PCI SSC
The signing ceremony was attended by Cairo Governor Khaled Abd El-Aal and CEO of Fawry Ashraf Sabry, as well as several governorate officials.
The Citi MENA Fintech Challenge offered the region’s Fintech community the opportunity to put their ideas into practice and come up with innovative solutions around four identified problem statements: digitising cash collections; assured payments, Business to business to consumer (B2B2C) enablement, and digitising trade processes.
Company invests EGP 250-300m per year to develop and expand its services
The offering included 36% stake, which represents 21% of its capital.
IPO to close tomorrow, trading begins on Thursday
Fawry’s IPO is likely to boost hopefulness in market, Eid holiday signals calm trading
Institutional offering of Egyptian e-payment network Fawry was 15.9x oversubscribed at EGP 6.46 per share (offer price), having generated about EGP 7.1bn ($431.0m), the offering manager EFG Hermes announced in a press statement on Thursday
Company to implement insurance brokerage requests electronically in 4Q19, revenues expected to reach EGP 869.4m by year-end
Furthermore, according to the statement, shares offered in connection with the institutional offering and the Egyptian retail offering will be offered and sold at the same price (offer price).
21% for strategic investors, between 15-19% stake for IPO and private placement
FV of company’s shares being determined before approval, completion of offering procedures: Okasha
We have achieved great success in funding traders who previously contracted with Fawry, we plan to expand this: Okasha
Technological culture strongly prevalent in Egypt, allows building strong digital financial system
Fawry, the Egyptian e-payment solutions company, signed a partnership with BI-Technologies company in order to link its Sales Buzz application with Fawry FMCG, the recent-established platform for merchants and consumer goods companies. The Sales Buzz application is used by more than 30,000 sales representatives in consumer goods companies in Egypt, Fawry FMCG platform currently serves …
Service reduces time, effort exerted by customers, supports premium banking services: Banque du Caire CEO
50% projected growth in e-payment next year: Okasha