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myfawry, Leading Egyptian E-payment Platform Ranks Number 1 Fintech App in the Middle East

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myFawry CEO, Ashraf Sabry (Image: Spark)

What do you think if you combine all your payments in one app? myfawry enables all the important e-payment services in one app. Providing you with the easiest, smoothest, and safest experience.

As of June 2021, myfawry has a total of 3.5 million total downloads with $105 million of annualized throughput. The report also highlighted the best mobile apps that would help customers make payments as well as transfer and borrow and even invest online. These features are already part of myfawry, who pioneered the technology in Egypt and adds other functions that includes paying their mobile bills, book bus tickets and many more.

As Egypt saw the fast adoption of electronic payments, Fawry saw the opportunity to develop myfawry that would be accessible across the country and on every device. This is in line with the vision of the Egyptian government to push for digital transformation as it becomes one of the fastest growing markets in the Middle East.

“We are pleased to know that myfawry is the number 1 fintech app in the region and we are proud with what Fawry has achieved not only in Egypt but in the entire Middle East in terms of electronic payments,” said Engineer Ashraf Sabry, CEO of “Fawry”. “We are continually striving to further expand our services and to cover more countries not only in the Middle East but the rest of the world, achieving progress that will make a fundamental change in the field of digital payments,” he added.

myfawry App (Image: Spark)

Fawry was listed on the Egyptian Stock Exchange in 2019 with a current market value of $1.9 billion as of August 2021. During the first half of the year, the company’s net profit rose to

137.1 million pounds, compared to a net profit of 85.9 million pounds during the same period last year. Additionally, Fawry revenues increased to 742.5 million pounds during the same period, compared to revenues of 549.2 million last year.

Created in 2007, Fawry originated from an idea by the technology industry expert Ashraf Sabry, who envisioned an easy to use and accessible electronic payment in the Egyptian market. It started with 5,000 service points in only two cities and has since expanded to 225,000 service points that offer more than 1,186 services. This made Fawry the preferred electronic payment work for more than 29.3 million customers that conducts more than 3.069 million daily financial transactions that include payments, collections, settlements, contracts and new subscriptions.

 

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Press Release

Amila Africa Launches Amila Insights

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Amila Africa Founder, Lethabo Sithole 

Amila Africa is thrilled to announce the launch of Amila Insights, a revolutionary division that is committed to providing advanced analytics, research and comprehensive solutions for businesses, governments, and international organisations looking to achieve success in African markets. The company offers a range of services, including syndicated market intelligence reports, customized research solutions, high-level market access events, content development, and value communication. 

As a budding pan-African and women-led advisory firm specialising in policy, enterprise and infrastructure development within the trade, investment and energy sectors, Amila Africa brings unparalleled expertise to the forefront with the launch of Amila Insights. 

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“With a focus on demystifying development trends and delivering data-driven analyses of opportunities across Africa, Amila Insights serves as the strategic partner organisations need to thrive in the region” said Lethabo Sithole, Managing Director of Amila Africa. “Our suite of services is meticulously designed to empower clients with the tools and knowledge necessary to drive growth and achieve sustainable success.” 

With a steadfast commitment to collaboration and partnership, Amila Insights collaborates closely with clients to develop tailored solutions aligned with their specific goals and priorities. “By leveraging its extensive network and deep understanding of local dynamics, Amila Insights assists clients in identifying new opportunities, enhancing competitiveness, and optimising business strategies,” said Noluthando Mthonti-Mlambo, Executive Director at Amila Insights. 

Amila Insights strives to be more than just a provider of information and data to clients. It aims to challenge the existing narratives on Africa, African businesses, countries, and multilateral organizations and become a trusted source of inspiration and change. 

For businesses, governments, and international organisations seeking to unlock the vast potential of African markets, Amila Insights represents a compelling opportunity to gain useful insights into the complex, evolving and growing African market. With a focus on excellence and a dedication to delivering tangible results, Amila Insights stands ready to be the trusted partner organisation to rely on to navigate the dynamic landscape of African business.

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Press Release

Africa Finance Corporation Appoints Emeka Emuwa as Chairman of Board

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Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider, today announces the appointment of Mr. Emeka Emuwa as Chairman of its Board of Directors. Mr. Emuwa brings a wealth of experience spread over three decades leading and transforming banking institutions across Africa. After completing a sterling 25-year career with Citibank where he left as the Country Officer and Managing Director of Citibank in Nigeria, he went on to serve as the Group Managing Director and Chief Executive Officer of Union Bank of Nigeria. 

In this role, he led the bank’s transformation and worked successfully with the new shareholders to transform and restore one of Nigeria’s oldest institutions back to its rightful position as a credible and strong provider of financial services. Mr. Emuwa’s extensive experience and unwavering dedication to the advancement of Africa make him a valuable asset to AFC at a time when the Corporation is rapidly expanding its operations across the continent and building partnerships through international collaborations.

He has been a part of AFC’s Board since 2015, previously serving as the Chairman of the Board Risk and Investment Committee, and as a member of the Board Nominations and Governance Committee. He is also the Chairman of Tangerine Financial (U.K.), the holding company for a financial services group providing insurance and pensions solutions across the continent. Mr Emuwa is thus well positioned to oversee and guide AFC on its future strategy and growth aspirations. The Corporation’s mission to accelerate development impact, foster industrialisation, and enhance value capture and retention across the continent through the provision of critical infrastructure, is crucial for African development and prosperity.

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Speaking on the appointment, Samaila Zubairu, President & CEO of AFC, said: “Mr. Emuwa’s considerable experience, insightful perspectives and immense dedication to Africa’s development seamlessly align with our mission. We are confident that under his continued guidance, AFC will continue to make significant strides in transforming the continent. He brings a deep understanding of Africa’s financial landscape within a global context, and has a clear vision for enabling AFC to further amplify its impact.”

Mr. Emuwa commented on his appointment, saying: “I am deeply honoured to be appointed Chairman of Africa Finance Corporation, an institution that has, over the past 16 years, evolved into the leading infrastructure investor in Africa, delivering transformational projects across pivotal sectors of the economy. I look forward to continuing to work closely with the board, management, and all stakeholders to advance AFC’s mission and strengthen its role as a driving force for economic growth and infrastructure development on the African continent.”

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Press Release

Fawry FMCG Partners Edita to Enhance Digital and Financial Inclusion

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Fawry FMCG has signed a strategic cooperation agreement with Edita Food Industries to provide innovative solutions to facilitate electronic collection systems and digitize the sales collection cycle. Fawry is a company specializing in financial technology solutions for the consumer goods sector, is keen on providing its partners in various sectors with an advanced set of financial technology solutions, especially the food and beverage sector and spreading the culture of digital transformation to achieve a cashless society in accordance with Egypt’s Vision 2030 .

According to this agreement” Edita” representatives and clients will be able to deposit funds collected daily and around the clock through Fawry retail network spread across all governorates of Egypt and Fawry Plus branches.

Besides, “Fawry FMCG” is considered the first and largest electronic financial platform in Egypt that serves consumers and companies through various channels and thousands of service points throughout Egypt.

 “Fawry FMCG” platform currently serves more than 320,000 merchants and more than 100 consumer goods companies, with the aim of digitizing supply and demand processes, and creating an ecosystem where the relationship between the retailer, the sales representative, and the consumer goods company is seamless, digital and cashless.

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Ashraf Sabry, Chairman of Fawry FMCG said: “The partnership represents a bright step for us in Fawry FMCG’s journey in the Egyptian market, as “Edita” is one of the largest food industry companies, and we are excited to work together to develop collection and payment systems in the food industry sector, through the latest innovative and fully secured technology solutions.”

He also stressed Fawry’s commitment to support the Egyptian market and all industry sectors in order to advance the economy and strengthen local markets.

Commenting on the agreement, Edita’s Chairman Hani Berzi said, “We are very pleased to announce our partnership with Fawry, Egypt’s leading provider of e-payment services, who will help Edita digitalize cash collection across its merchant network, improve trade cash management and enhance overall operational efficiency for our business. This is a crucial step toward advancing digital transformation across our organization, which is a key pillar of Edita’s ESG strategy. We look forward to working with the team at Fawry and to realizing our strategic objectives through this partnership.”

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