E-payment leader in Egypt to launch new digital bank by end of 2023

Fawry, Egypt’s leading E-payment solutions provider, will turn its online payment portal “myFawry” into a digital bank in 2023, the country’s stock exchange market indicated Sunday August 13, in a statement.

The future bank will provide a variety of financial services, including payments, consumer lending, savings, and investments, the online payment firm indicated.

Downloads of the myFawry application surged by 64.5 percent on an annual basis during the first six months of 2023, reaching 10.5 million.

In the same period, the company, founded in 2008, also revealed that it handled EGP 5.3 billion ($171 million) worth of transactions in the first half of the year, an 89.1 percent surge from EGP 2.8 billion.

In addition, the company’s revenues, estimated at EGP 1.4 billion from January until the end of June 2023, posted a 42.4 percent annual increase. The plans to become a digital bank come amid impressive leaps towards digital transformation in recent years by the country.

Egypt’s Central bank in July 2023 issued rules for licensing, registering, controlling, and supervising digital banks.