Fawry, the Egyptian e-payments company, has announced that the company will start operating in the UAE in the first quarter of 2020. The company is entering the UAE alongside the Dubai Islamic Bank. Fawry tested its services alongside the bank in the summer.
Ashraf Sabry and Mohamed Okasha founded Fawry in 2009. It offers digital payments to companies and individuals in Egypt, where the population is mostly unbanked. The company has been looking to expand into other Arab nations, starting with UAE in Q1 of this year. They are also looking to expand in Saudi Arabia and Kuwait in 2020. Nonetheless, the company still wants to expand nationally, Okasha, having previously mentioned that he still sees space for growth within the Egyptian market.
We are looking at Arab countries where many Egyptians live whom we can offer many services such as bill payments.”
Mohamed Okasha
Co-Founder, Fawry
The company is strategically choosing countries where a lot of Egyptian nationals reside. Last year, Okasha told Reuters “We are looking at Arab countries where many Egyptians live whom we can offer many services such as bill payments.” Egyptians make up 4.23% of the UAE’s population.
According to Fawry’s website, it handles around 2.1 million transactions daily and collected $2.43 billion last year. It has approximately 20 million customers.
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