Egypt's e-payments firm Fawry in talks to enter Saudi market: CEO

18/09/2024 Argaam Special
Ashraf Sabry,Founder and CEO ofFawryfirm

Ashraf Sabry, Founder and CEO of Fawry firm 

Egyptian e-payment services firm Fawry is currently in talks with several partners in the Kingdom to enter the local market, said Founder and CEO Ashraf Sabry.

 

In an interview with Argaam, he explained that the process is lengthy due to the complexities involved in finalizing partnerships and agreements.

 

Saudi Arabia is a large market due to its size and population, he said, but the competition is intense. He indicated that the company prefers to enter Saudi through partnerships rather than direct investment, allowing better technological and service integration with local players.

 

Fawry provides financial services to individuals, small and medium enterprises, and large financial institutions. These services include lending, payments, insurance and investment.

 

The company's daily transaction volume exceeds EGP 4 billion through over 650,000 transactions.

 

Sabry disclosed that Fawry's revenue and profit grew by 55% and 100% year-on-year, respectively, in H1 2024.

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