Egypt’s e-payments solutions provider, Fawry, announced that its subsidiary, Fawry Microfinance, has received preliminary approval from the Financial Regulatory Authority (FRA) to add Small and Medium Enterprise (SME) financing to its portfolio.
The step comes as part of a long-term growth strategy centered on expanding Fawry’s service offering and diversifying its revenue streams to continue penetrating new and currently underserved segments across Egypt.
Following this preliminary approval, Fawry Microfinance plans to continue developing its offering and laying the foundations for a successful ramp-up of operations once the new service launches later this year.
Fawry Microfinance will work in tandem with the rest of the company’s subsidiaries to provide a complementary offering to its customers and further cement Fawry’s position.
“I am tremendously proud of the efforts of Fawry Microfinance and its management team in attaining this approval from the Financial Regulatory Authority,” said Ashraf Sabry, Chief Executive Officer of Fawry.
“This decision is sure to usher in a new era for Fawry, one which has been in the making for several months. Once officially launched, this latest addition to our service portfolio will enable us to tap into new, currently underserved segments of the population, highlighting Fawry’s role as a pioneer of financial inclusion in Egypt.
“We are confident that this approval and the ultimate rollout of Fawry Microfinance’s additional services will not only help boost the Company’s financial results but also allow us to further develop a synergetic offering geared towards both businesses and individuals,” Sabry noted.
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