In Africa, the preferred means of payment is still cash, a habit that tends to slow down the local economy. To overcome this problem, two Egyptian entrepreneurs, Ashraf Sabry and Mohamed Okasha, joined forces to create Fawry. This mobile payment application has revolutionized the way people pay in Egypt, becoming the country's first electronic payment network. 

Who is behind Fawry? How does this mobile payment application work, and who is it aimed at? How does the company plan to expand? Focus on one of the fastest-growing companies in the Middle East.

Fawry: the mobile payment app born in Egypt

Fawry is THE unicorn that has conquered Egypt. It's a mobile payment application, available whenever you want and at no cost. Egypt, the most populous country in the Middle East with over 100 million inhabitants, represents a flourishing market for the most skilful entrepreneurs. Fawry is well aware of this, and has succeeded in securing the loyalty of over 29 million users across the countryin just ten years.

History of Egyptian FinTech

Fawry is a 100% Egyptian product. Founded in 2008 by Mohamed Okasha and Ashraf Sabry, the Unicorn's journey has not always been easy. In the early days, the two entrepreneurs had to prove themselves in order to demonstrate the potential of their project. At the time of Fawry's launch, startups and FinTech were still little-known concepts in Egypt. Mohamed Okasha and Ashraf Sabry (formerly of Raya Holding and Vodafone) were able to face up to the uncertainties of investors and potential consumers alike.

Since then, water has flowed under the bridge, and today Fawry is a real reference in Africa, particularly in the world of unicorns - a company valued at 1 billion euros and not listed on the stock exchange: the startup is one of the top three unicorns in Africa and the first in Egypt. Only Morocco's Jumia and Nigeria's Interswitch are ahead of it.

The two founders of Fawry understand the challenges of mobile payment in their country and the potential of the Egyptian market. They were able to see the future and bank on a tool that has that has truly revolutionized payment methods in Egypt.. Thanks to their ambition and visionary attitude, they can now boast of being the leaders in the Egyptian online payment market.

Fawry, an application for everyone! 

With more than 100 million potential consumersEgypt is a veritable goldmine for investors. Fawry's strength lies in its in-depth knowledge of the country and the financial peculiarities that shape it. As a local company, the mobile payment app knows its consumers better than anyone else, and knows how to win them over.

Whether you're banked or unbanked, a private individual or a retailer, Fawry lets you settle your payments in just a few clicks directly on its app, via an ATM or post office counter. This ultra-innovative system has been adopted by more than 29 million Egyptians and currently registers over 3 million transactions a day.

What's the point? 

Fawry enables users to pay directly on their mobile, or or through one of the 225,000 service points throughout Egypt. It has to be said that the concept gave rise to many doubts when it was launched. Initially, Egyptians were more accustomed to conventional payment methods (cash, credit card or cheque).

The two entrepreneurs believed in it, and today, a large part of the population can - and doesn't hesitate to - pay their bills with Fawry. pay their bills with Fawry ! The start-up has democratized mobile payment, making it a must-have in Egypt.

The population understood the advantages of paying by phone, especially during the Coronavirus crisis. At that time (2019), the Egyptian government, like many others, encouraged the population to turn to this type of transaction to avoid contamination: the app from the two entrepreneurs is a resounding success and enjoys an unprecedented boost in popularity.

Fawry: hard work pays off

Fawry had to face up to the reluctance of Egyptian investors and consumers before assert himself as a leader.

A difficult start 

Egypt, and Africa in general, are still still attached to cash payment. However, a large number of dubious investors and a population unfamiliar with digital technology were not enough to intimidate the two visionaries.

Mohamed Okasha explains his initial setbacks: "people would pay their bills via Fawry, then call the call center to check if the payment had been delivered". This anecdote testifies to the lack of trust Fawry initially suffered from, and how far the company has come.

A winning bet

Despite the obstacles and the various crises Egypt has gone through (2011 revolution, 2016 devaluation, 2013 political crisis, etc.) Fawry has always stood its ground. The Egyptian FinTech came close to bankruptcy, but bounced back and really exploded "thanks" to the coronavirus pandemic. At that time, the population, wary of cash, began to turn to digital money to limit the risk of infection and stay at home.

The health crisis then contributed to the exponential growth of Fawry, now the leader in the Egyptian mobile payment market. A true success story.

Going public

To make its mark, Fawry was able to count on an agreement signed with with Banque Nationale d'Égypte and Banque Misr for the deployment of 60,000 points of sale across the country. The FinTech benefited from this, the number of its users exploded and the mobile app eventually made its the Egyptian Stock Exchange in 2019.

A year later, in 2020, it was time for consecration. Mohamed Okasha proudly announces on LinkedIn that Fawry is now one of Africa's unicorns. By passing the symbolic milestone of one billion dollars in market capitalization, the FinTech becomes Egypt's first unicorn.

Fawry star of the Cairo stock exchange

Since going public in 2019, Fawry has confirmed and not disappointed. When it went public in 2019, Fawry shares were worth 6.46 Egyptian pounds. One year later (August 17, 2020), for a few hours it exceeded the symbolic mark of 22.47 Egyptian pounds and became Africa's third unicorn.

Fawry went from a market value of $275 million at launch to 1 billion a year later. This boom is due to the ever-growing number of Fawry users.

The number of Fawry shareholders is growing all the time, and there's no end in sight for the new unicorn. Major African and foreign investment groups (Actis, Helios, Egypt American Enterprise Fund, etc.) are well aware of this, and have decided to join Fawry's capital.

What does the future hold for Fawry?

The results are satisfactory, and Fawry has no intention of stopping there. All the specialists agree that buying Fawry shares is still a recommended investment.

Fawry is well aware of Egypt's potential, and intends to use its knowledge of the market to drive its development. Even though the company has already succeeded in attracting almost 29 million users, it intends to to conquer the rest of the population.

Since the pandemic, Egyptians have adopted mobile payment methods. However, the population remains very attached to cash transactions, which still account for 90% of payments in the country. For our two entrepreneurs, changing economic habits in their home country is a key objective, at a time when digital payments are taking hold.

The company's objectives are clear: to consolidate their leading position in their home countrybefore moving on to continental and even international markets.

Fawry: key information

In 2020, Fawry employed 1,111 people in several countries, the vast majority of them in Egypt.

In 2019, Fawry posted sales of 549.3 million pounds and operating profits of 43.7 million. Note that in the first half of 2020, Fawry saw its operating profits more than double to a total of 92.6 million Egyptian pounds. 

Fawry successfully floated on the Cairo Stock Exchange in 2019. Since then, its share price has only increased from 6.46 Egyptian pounds in 2019 to 24.54 Egyptian pounds in 2020.

Fawry's main objective is to consolidate the foundations laid in his native Egypt. In an increasingly globalized world, Egypt cannot resist the sirens of digital money. Fawry understands this, and intends to support his compatriots in their transition, by offering them an easy-to-use and efficient payment application.

Strong. Fawry is fortunate to be operating in a booming territory, both economically and in the digital world. Egyptian FinTech already has a large number of users in the country (over 29 million by 2020). Egypt is still a cash-intensive country, but new technologies are likely to push Egyptians towards digital money. Fawry will obviously be there to help them change their habits. 

Pay your bills anywhere, anytime (pay your bills anywhere, anytime)