The market value of Egyptian fintech founder Ashraf Sabry’s stake in Fawry for Banking Technology and Electronic Payments (Fawry) has experienced a bump of more than $1.3 million in the past 143 days, as shares in the leading fintech company surged by double digits.
Data gathered by Billionaires.Africa revealed that Ashraf Sabry’s stake in Fawry has increased by EGP 41.24 million ($1.33 million) since March 19 as investors on the Egyptian Stock Exchange increased their stakes in Fawry.
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.
Sabry, a leading Egyptian entrepreneur who launched the payment platform in 2008 and pioneered electronic bill payments in Egypt, controls 2.345 percent of Fawry.
Since March 19, the company’s shares have climbed by 22.54 percent, from EGP4.57 ($0.1479) to EGP5.60 ($0.1812) at the time of writing.
As a result of the recent increase in the share price, the market value of Sabry’s shareholding in Fawry has increased by EGP41.24 million ($1.33 million), from EGP182.97 million ($5.92 million) on March 19 to EGP224.20 million ($7.26 million) at the time of writing this report.
The $1.33-million increase in the market value of his stake cements his position as one of the richest investors on the Egyptian Stock Exchange.
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.
