Egypt-based online payment service Fawry denies connection with Silicon Valley Bank
Egypt’s leading e-payments solutions provider Fawry denied Monday any affiliation with Silicon Valley Bank (SVB), nor any of its subsidiaries, weeks after US authorities ordered the closure of SVB with the Federal Deposit Insurance Corporation (FDIC).
The company in a press release also confirmed that it does not currently have any relationships with any bank in the U.S.
Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population.
Fawry’s primary services include enabling electronic bill payments, mobile top-ups and provisions for millions of Egyptian users.
It also provides other services which include e-ticketing, cable TV, and a variety of other services.
The digital payment company has a network of 36 member banks, a platform and 280 thousand agents.