Fawry broadens its platform to accomodate consumer finance offerings
Tech in AfricaNews
Egypt’s e-payment giant and banking solutions provider Fawry will establish a consumer finance company, Fawry Consumer Finance, to broaden its current financial-solutions-as-a-service offering currently offered through partner banks and other financial service providers. The aim is to expand targeted consumers categories that provide more checkout options and cement Fawry’s position as a platform for financial services empowering consumers with a wide range of payment options. The move is in line with the government vision and FRA strategy in supporting financial inclusion & digital transformation.
The company offers customers convenient access to credit through multiple BNPL (Buy Now Pay Later) products. This is in line with Fawry’s overall strategy of adding more financial services across its channels then expanding its direct-to-consumer offering. Fawry looks to unlock opportunities for the consumer and merchant side while leveraging its dual-sided network.
AbdelMeguid Afif, the CFO said that the offering allows “Fawry to meet real needs of consumers to gain access to credit” while “empowering merchants to offer their customers multiple options to pay.”
Fawry Consumer Finance was established with an EGP 10 million startup capital and is currently fully owned by Fawry and its subsidiaries. The fintech recently received the Financial Regulatory Authority (FRA) license required to offer its customers consumer finance this year.