Fawry in preliminary talks for expansion in 3 GCC markets

Updated 5/7/2024 2:48:00 AM
Fawry in preliminary talks for expansion in 3 GCC markets

Arab Finance: Egypt-based e-payment firm Fawry for Banking Technology and Electronic Payment (FWRY) is currently in preliminary talks with six Saudi Arabian companies over partnerships and expansion plans in the kingdom, CEO Ashraf Sabry told Asharq Business.

He added that Fawry is also eyeing partnerships with companies in the UAE and Kuwait.

Fawry also anticipates integrating money transfer services into the InstaPay application, pending approval from the Central Bank of Egypt (CBE) to enable financial institutions to participate in such transactions.

It is worth mentioning that Fawry reported a 198% year-on-year (YoY) climb in consolidated profits attributable to the parent company in 2023 to EGP 715.339 million, compared to EGP 240.054 million in 2022.

Related News