myFawry Awarded The Top Fintech App In The Middle East As It Racks Up 1.6 Million Downloads
Sept. 2, 2021, 2:23 p.m.
Forbes Middle East has released a list of the region’s Top 15 Fintech Apps 2021, highlighting the mobile applications helping customers make payments, remit money, borrow and invest online.
Leading e-payment platform, myFawry was awarded as the top fintech app in the Middle East as it racked up 1.6 million downloads last year.
Also on the list were; Al Ansari Exchange Mobile App, Al Mulla Exchange, MyFatoorah, and valU.
Fawry began as an idea in 2007, when technology expert Ashraf Sabry came up with the vision of introducing electronic bill payment in Egypt, to beat the pressing need for convenience and easy payments in a country where traffic congestion and complex procedures are daily challenges that face consumers.
In 2008, Fawry was established after garnering the support of major investors like Raya Holding, Technology Development Fund (Ideavelopers), Arab African International Bank, HSBC, Alexbank and recently joined International Finance Cooperation (IFC). Fawry’s management team united financial and information & communications technology (ICT) executives with broad experience and decades of senior management at top regional organizations and Fortune 500 companies.
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.
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 close to 30 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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As of June 2021, myFawry had a total of 3.5 million total downloads with $105 million of annualized throughput.
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.
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.
tag: Forbes, Startup, Fintech,
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