Tech in Africa
myFawry payment portal has earned Forbes’ Top Fintech App in the Middle East List. App users can pay their bills, recharge their mobiles, make bus ticket reservations, and track their spending. In 2020 alone, the total number of downloads exceeded 1.6 million.
Fawry for banking and payment technology services and earned a spot at the Egyptian Stock Exchange (EGX) in 2019 at a market valuation of $1 billion. Stock price fluctuations and rises saw it rise to $2billion at some point. As of August 2021 during the last report, the company is valued at $1.9 billion.
The company offers multiple financial services through ATMs and other retail points. By June 2021, the app had attracted over 3.5 million downloads and $105 million in annualized throughput.
The other fintech companies following closely on the heels of myFawry are Al Ansari Exchange Mobile App (UAE), Al Mulla Exchange (Kuwait), MyFatoorah (Kuwait), and ValU (Egypt).
