The Finance World Magazine| Edition: March 2023

Fintech Application
MyFawry
Date of Establishment: 2019
Owner: Fawry for banking and payment technology services
CEO: Ashraf Sabry
MyFawry allows users to
pay their bills, recharge
their mobiles, reserve bus
tickets, and track their
spending. In 2020, total downloads
surpassed more than 1.6 million. Fawry
for Banking and Payment Technology
Services was listed on the Egyptian
Stock Exchange in 2019, with a market
value of $1.9 billion as of August 5,
2021. The company also offers financial
services through multiple channels
such as ATMs and retail points. As of
June 2021, the app had 3.5 million total
downloads and $105 million annualized
throughput.
As Egypt saw the fast adoption of
electronic payments, Fawry saw the
opportunity to develop MyFawry that
would be accessible across the country
and on every device. This is in line with
the vision of the Egyptian government
to push for digital transformation as
it becomes one of the fastest-growing
markets in the Middle East.
According to Fawry- a banking and
payment technology Services Company
in Egypt, their proprietary myfawry
app has nearly 3.5 million downloads
and generated $105 million in annual
revenues for the company as of July
2021.
It is top-rated as the best mobile
payment platform that helps users
to make all payments and transfers
through a single podium. It allows
users to pay utility bills, credit bills,
and bus ticket booking and also helps
in tracking spending.
22 www.thefinanceworld.com March 2023