Arab Finance: Fawry for Banking Technology and Electronic Payment (FWRY) is set to add new financial activities and investment opportunities over the coming period, according to a bourse statement, citing the company’s CEO Ashraf Sabry.

Upon receiving the Central Bank of Egypt’s (CBE) approval, the EGX-listed firm will boost financial transactions via its "Fawry for Payments".

It also seeks the Financial Regulatory Authority’s (FRA) approval to add factoring to its current list of activities.

This is in addition to requesting the FRA to receive two licenses, namely e-signature and know your customer (KYC).

Moreover, the company is mulling over obtaining a digital bank license, in line with its strategy to provide innovative financial solutions.

Additionally, Fawry is planning to expand in Saudi Arabia with its financial services.

In the nine-month period that ended on 30 September 2024, Fawry posted 127.43% year-on-year (YoY) higher consolidated profits attributable to the parent company at EGP 1.106 billion.

Fawry is an Egypt-based company that provides an electronic payment network, allowing users to pay bills in multiple channels.

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