Tech in Africa
It’s now clear that Egypt’s electronic payments company Fawry has a valuation of $1 billion. The company rose past the threshold during intraday trading when its share price rose to EGP 22.69 setting the market cap at EGP 16 billion or $1 billion. Fawry became the first technology company in Egypt to be valued at over a billion dollars.
Since the initial debut, the stock price has risen over 300 percent at the Egyptian exchange. This is impressive given that Fawry made it’s initial debut August last year. It has since gone public with shares trading at EGP 6.46 (per share).
Fawry saw a record surge in stock price during the first two months after their initial debut. The price then flattened until March – where it dropped to a record low of EGP 7 per share. As COVID-19 took center stage, the price shot up to its record high.
Fawry is the only Egyptian company offering 250 electronic payment services across its network of 105,000 service points in 300 Egyptian cities. This includes mobile wallets, ATMs, post offices, retail shops, and vendor kiosks.
