Egypt-based e-payment solutions provider Fawry is set to boost its capital by as much as EGP400m ($25m) to fund its upcoming projects and expansions.
The move will take place through an increase in issued capital and the increase will be made at the nominal value of the company’s shareholders, Daily News Egypt reported.
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The move has been suggested by Fawry’s management team and the capital increase will help the company bolster payments acceptance on all channels.
The capital infusion is also expected to help the firm take advantage of market conditions while developing its mobile services and strengthen the integration of digital solutions.
Fawry’s board of directors and shareholder representatives from the board of investors welcomed the latest move, the report added. They agreed to contribute to the move.
Currently, the firm’s capital stands at EGP453.6m.
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By GlobalDataMeanwhile, Fawry is expected to enter the UAE market by the end of this year.
The company claims that the UAE market will offer significant opportunities to support its growth.
Fawry will be supervised by the Central Bank of Egypt (CBE).
In another key development in the payment space in Egypt, MoneyGram International partnered with Suez Canal Bank earlier this year to facilitate remittances directly into the bank accounts of recipients in Egypt.
