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July 27, 2020

E-payment firm Fawry to raise capital by $25m to drive growth

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.

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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.

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.

Meanwhile, 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.

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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