Home » Egyptian tycoon Ashraf Sabry’s Fawry partners with WFP to boost financial services in Egypt

Egyptian tycoon Ashraf Sabry’s Fawry partners with WFP to boost financial services in Egypt

by Omokolade Ajayi
Ashraf Sabry

Fawry for Banking Technology and Electronic Payments (Fawry), Africa’s leading fintech company led by Egyptian tycoon Ashraf Sabry, has joined forces with the UN World Food Program (WFP) to enhance the utilization of secure financial service platforms in Egypt.

The strategic partnership expands upon the longstanding collaboration between the Sabry-led fintech company and WFP, which began in 2016 with a shared vision of enabling communities and individuals to access cash assistance through SMS vouchers or cash cards.

The latest initiative, the WFP-Fawry cash delivery platform, offers a unified multipurpose cash assistance service to all UN agencies, facilitating the distribution of aid to those in need.

By streamlining the process, this collaboration reduces transaction costs and maximizes the benefits to local communities and markets across Egypt’s governorates.

Praveen Agrawal, WFP representative and country director in Egypt, expressed his belief that this partnership represents a game-changer, not only for WFP but also for the entire country and other UN and development partners who can now reach vulnerable populations more swiftly.

Ahmed Fahmy, commercial director at Fawry, highlighted the significance of leveraging digital transformation and financial technology to support WFP projects in Egypt.

“Through our partnership with the World Food Program, we aim to give back to communities and groups in need,” he said. “Furthermore, this collaboration positions us at the forefront of global efforts to combat hunger and achieve positive change in light of the current international conditions.”

Fawry, a joint venture between prominent financial institutions such as HSBC, Arab African International Bank, and Bank of Alexandria, operates an extensive electronic bill payment network.

This network empowers the Egyptian public to conveniently settle their bills and recharge their mobile phones securely through various electronic channels available at banks and a network of retailers.

Under the leadership of Sabry, who pioneered electronic bill payments in Egypt and owns 2.345 percent of the company, Fawry reported a consolidated profit of EGP142.05 million ($4.6 million) in the first quarter of 2023.

This notable increase demonstrates the company’s continued success, with a significant surge compared to the EGP47.83 million ($1.55 million) profit achieved during the same period last year.

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