Misr Capital and Fawry announced the launch of “Fawry Yawmy” money market fund, an innovative FinTech based investment fund co-sponsored by both Misr Capital & Fawry. With a minimum initial investment ticket of EGP 500, Fawry Yawmy relies on Fawry’s state-of-the-art financial technology, and its expansive retail presence to reach the largest number of individual investors, upon opening the purchase and redemption phase scheduled on January 30, 2022
“The fund wholly relies on financial technology, a first-time for a mutual fund in MENA. Furthermore, it serves retail investors with ease using Fawry’s technological infrastructure, expansive geographical and digital presence. The fund’s concept, designed to primarily serve individuals – aligns with Egypt’s rapid digital transformation and the government’s efforts aimed towards financial inclusion.” Ashraf Sabry, CEO and Founder of Fawry for Banking Technology and Electronic Payments commented.
Fawry Yawmy was launched primarily to serve individual retail investors through the reliance on Fawry’s geographical presence across Egypt, with more than 160 Fawry Plus branches across Egypt and over 250K Fawry POS machines. The service will also be available later this year to all consumers via myfawry app.
“This strategic alliance with Fawry – a pioneering regional entity with over 30 million monthly clients – is tailored to serve retail investors. Furthermore, it fits our publicly announced strategy of developing the Egyptian debt market in cooperation with regulators and leading market players to introduce new investors to the market through innovative products – especially as the market grows in light of the massive regulatory support from the FRA and the efforts led by the Egyptian government,” Khalil El Bawab, CEO and Managing Director at Misr Capital stated.
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