Tech in Africa
Fawry leads the payment acceptance sector with over EGP 6 billion in transactions conducted through Fawry acceptance machines and EGP 5 billion through its online gateway. End of 2021, Fawry Accept took the lion’s share in the diversity of payment methods for Egypt’s digital payment market. The Egypt fintech also recorded a 400% growth in the total value processed through its online gateway not to mention 232% through Fawry acceptance POS machines.
Fawry for Banking and Electronic Payment Technology has transformed digital payments across Egypt through successes achieved over the years. In 2015 physical acceptance through Fawry POS was launched while in 2018, Fawry Accept e-payment gateway followed. Both accept all forms of payment through different kinds of digital means approved by the country’s Central Bank.
According to the company, Fawry Accept increased the volume of its non-cash transactions between 2020 to 2021. During that period over EGP 6 billion in value was processed. This was an increase in transaction value estimates by 232% when compared to 2020. Some of these transactions were completed through Fawry Acceptance POS devices located at over 150,000 retailers that accept all means of payment. Processed payments amount to EGP 5 billion by end of 2021 – an increase of 400% when compared with 2020. Also recorded were over 2,407,000 active daily users.
Between 2020 and 2021, Fawry has held several partnerships which have helped elevate the company into different leadership positions among Egypt’s electronic payment service providers. Among the partnerships are Jumia, Alfa Scan, Uber, Netflix, Emirates Airlines, Gold’s Gym, and Tradeline.
