Arab Finance: Fawry for Banking Technology and Electronic Payments announced its acquisition of 56% of Virtual CFO, as per a statement issued on February 24th.
The tech company highlighted that this investment grant access to these services without the need for investments in the infrastructure to automate financial systems.
The transaction also aligns with Fawry’s objectives to back the small and midsize enterprises (SMEs) sector, as it has invested in a serval Egyptian firms, such as CODEZONE and Dirac.
Fawry recently cooperated with Banque Misr and Egyptian Banks Company for Technology Advancement (EBC) to launch a new cash in and out interoperable for e-wallets via the Meeza Digital Scheme.