Shorouk News: Fawry’s Revenues from bill payments grow by over 350% in 2011

Cairo, Egypt – January 11th, 2012 By Shorouk Newspaper

Fawry, provider of technology for banks and electronic payments, plans to expand its payment network through retail stores, banks and agencies, to cover 100% of the governorates of Egypt by the end of this year.

Ashraf Sabry, CEO of Fawry, told «AlShorouk», “the company achieved significant growth in revenues of over 350%, which reached more than 28 million Egyptian pounds by the end of 2011, total users for Fawry’s bill payment network reached 10 million consumers by the end of  the year, and total collections reached an annual run-rate of  2 billion Egyptian pounds.”

Sabry added, “We now have over 15 thousand payment points nationwide, where  Fawry’s coverage reached 70% in Cairo and Alexandria, 30% in the Delta, and 20% in Upper Egypt. The target is to double this in 2012 to reach 30 thousand payment points, enough to cover 100% of Cairo and Alexandria, 80% of the Delta, and 70% of Upper Egypt by the end of the year.” 

Fawry is the first company in Egypt to offer bill presentment and payment services allowing customers to receive a receipt for payment on the spot in accordance with «EBPP».  This depends on a network that enables consumers to pay utility bills such as water, telephone bills and Egyptian Land Lines telecommunications companies and the three mobile companies,  besides the recharging balance, in addition to the payment of insurance premiums, and airline ticket payments, which enables consumers to pay at any time, via ATM machines in retail stores, pharmacies and Supermarkets.

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