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Fawry for Banking Technology and Electronic Payments (Fawry), a leading fintech company led by Egyptian entrepreneur Ashraf Sabry, has received approval from the Financial Regulatory Authority (FRA) to increase its issued capital by EGP49.6 million ($1.67 million).
This brings the fintech company’s total issued capital to EGP1.7 billion ($57.3 million), up from its previous amount of EGP1.65 billion ($55.65 million).
The capital increase will be allocated across 99.21 million shares, each with a par value of EGP0.50 ($0.0168). The funds for this increase will come from reserves set aside for employee compensation and incentives for both management and the executive board.
Fawry, one of Africa’s foremost fintech companies, is a joint venture between HSBC, Arab African International Bank, Bank of Alexandria, EFG Hermes, Raya Holding, and Fawry management.
The fintech firm operates an electronic bill payment network that enables the Egyptian public to conveniently and securely pay their bills and top up their mobile phones through the various electronic channels available at banks and a network of retailers.
Ashraf Sabry, a leading Egyptian entrepreneur who launched the payment platform in 2008 and pioneered electronic bill payments in Egypt, controls 2.345 percent of the company, or 40,036,282 shares.
Under his leadership, Fawry has grown into a powerhouse African tech firm, with more than 29.3 million monthly users. Its technology provides more than 250 e-payment services through a network of over 105,000 service points in 300 Egyptian towns.
In the first nine months of its 2022 fiscal period, the fintech firm saw its earnings decline marginally from EGP193.73 million ($6.53 million) in the first nine months of its 2022 fiscal period to EGP192.93 million ($6.51 million), despite challenges in its operating environment.
