TechInAfrica – The subsidiary of Egypt-based e-commerce platform, Fawry Microfinance has recorded a total value of disbursed loan that surpassed EGP 1 billion this year.
Established in 2018, Fawry Microfinance provides small entrepreneurs and businesses throughout Egypt with financial solutions with end-to-end digital infrastructure to disburse loans and collect payments.
The subsidiary has reaped EGP 437m and a collection rate of 98.5% as of 31 December 2021, a rapid growth despite the COVID-19 impact on global economies including Egypt, the supply chain disruptions, and heightened inflation.
Fawry Microfinance shares a similar goal with the Central Bank of Egypt, which aims to improve financial inclusion and financial literacy in rural areas. The subsidiary service has span to 25 of Egypt’s 27 governorates, some of which are considered rural areas.
Its commitment to financial inclusion is also reflected in its 40% of clients under 30 years old. The financing to young entrepreneurs also creates new economic opportunities and maximizes the utilization of Egypt’s human capital resources.
Another trend observed from the end of 2021 was around 33 thousand Fawry Microfinance clients engaged in retail trade, while some in simple service provision, and almost 60% of them were previous clients integrated into the company’s merchant network through Fawry POS machines.
“The benefits of financial inclusion are growing clearer by the day,” said Fawry CEO Eng. Ashraf Sabry. “Access to affordable financial services allows small- and medium-sized businesses, which employ the majority of Egypt’s labor force, to expand and invest, creating employment and powering inclusive economic growth.”
“We at Fawry Microfinance are proud of our track record in creating tangible opportunities for entrepreneurs and families, allowing them to invest in their futures and promoting the government’s efforts to achieve sustainable growth by expanding marginalized groups’ access to financial services.”
About Fawry for Banking and Payment Technology Services
Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population. Fawry’s primary services include enabling electronic bill payments, mobile top-ups, and provisions for millions of Egyptian users. Other digital services also include e-ticketing, cable TV, and a variety of other services. Through its peer-to-peer model, Fawry is enabling corporates and SMEs to accept electronic payments through several platforms including websites, mobile phones, and POSs. With a network of 36 member banks, its mobile platform, and more than 250,000 agents, Fawry processes an average of 3 million transactions per day, serving an estimated customer base of 35 million users monthly. Learn more at www.fawry.com.