Fawry, e-payments solutions and banking services provider, announced today that the total value of loans disbursed since inception by its subsidiary Fawry Microfinance has surpassed EGP 1 billion. Founded in 2018, Fawry Microfinance provides small entrepreneurs and businesses financial solutions that combine accessibility and affordability, using an end-to-end digital infrastructure to disburse loans and collect payments.
According to Fawry’s statement, their Microfinance subsidiary held an portfolio of EGP 437 million as of 31 December 2021, up by 67% year-on-year from the EGP 267 million booked at the close of 2020. The subsidiary recorded a collection rate of 98.5% at year-end 2021.
“The benefits of financial inclusion are growing clearer by the day. Access to affordable financial services allows small- and medium-sized businesses, which employ the majority of Egypt’s labor force, to expand and invest, creating employment and powering inclusive economic growth. We at Fawry Microfinance are proud of our track record in creating tangible opportunities for entrepreneurs and families, allowing them to invest in their futures and promoting the government’s efforts to achieve sustainable growth by expanding marginalized groups’ access to financial services,” Ashraf Sabry, Fawry CEO, said.
Earlier this year, 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.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.